electric vehicle credit

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Subject Author Date electric vehicle credit KucaRiga 10-19-2009  Re: electric vehicle credit Brew1 10-19-2009  Re: electric vehicle credit Alan 10-19-2009
Posted by KucaRiga on October 19, 2009, 3:05 pm Please log in for more thread options The "golf cart" dealer claims that these glorified golf-carts, called Neighborhood Electric Vehicles, qualify for the electric vehicle credit up to $7500 depending on the model if purchased before 12/31/09. Questions: 1. Is this legit? 2. Does the vehicle actually have to be registered & lisenced for street use or merely be eligable to be lisenced? 3. Does the state & local sales tax paid for the vehicle also qualify for the car sales tax credit? Thanks for your insight. This all seems to good to be true. Lorie -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Brew1 on October 19, 2009, 6:11 pm Please log in for more thread options golf carts are specifically excluded from the plug-in electric vehicle credit (Notice 2009-54); I imagine that holds true for similar credits. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Alan on October 19, 2009, 6:31 pm Please log in for more thread options KucaRiga wrote: > The "golf cart" dealer claims that these glorified golf-carts, called > Neighborhood Electric Vehicles, qualify for the electric vehicle > credit up to $7500 depending on the model if purchased before > 12/31/09. > Questions: 1. Is this legit? > 2. Does the vehicle actually have to be registered > & lisenced for street use or merely be eligable to be lisenced? > 3. Does the state & local sales tax paid for the > vehicle also qualify for the car sales tax credit? > > Thanks for your insight. This all seems to good to be true. > > Lorie > NEVs may qualify for the credit. The manufacturer has to certify that the vehicle's primary use is on public streets, roads and highways. In addition, the manufacture must certify that it is not primarily for use off road such as a golf cart. The amount of credit varies based on battery power. IRS Guidance was published as Notice 2009-54 for vehicles purchased after 12/31/08 and placed in service in 2009. Notice 2009-58 has the guidance for vehicles purchased after 2009. The credit phases out. See the notice for details. http://www.irs.gov/pub/irs-drop/n-09-54.pdf http://www.irs.gov/pub/irs-drop/n-09-58.pdf -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Hybrid Vehicle Tax Credit March 30, 2007, 3:56 am Re: Hybrid Vehicle Tax Credit March 30, 2007, 10:46 pm Payment for Electric Transmission Line Easement June 18, 2007, 9:28 am Payment for Electric Transmission Line Easement June 19, 2007, 9:30 pm Vehicle Interest Expense April 17, 2006, 12:05 am Vehicle Depreciation and Rental Property February 12, 2007, 1:01 am S Corp & Taxes on Hybrid Vehicle November 25, 2007, 9:24 am New vehicle bought, want deduction, not depreciation February 10, 2008, 11:54 pm Transfer Business Vehicle From One Business To Another June 12, 2006, 9:18 pm Tax credit July 10, 2008, 10:54 am