In the Stimulus
Bill passed in March there is a provision that says three wheel electric
vehicles drawing a minimum number of amps (fewer than the EZ Riders) are
eligible for a ten percent tax credit capped at $25,000.
I
would advise customers that are interested to consult their CPA about
their particular tax situation.
Plug-In Electric
Vehicle Credit (Section 1142): The new law also creates a
special tax credit for two types of plug-in vehicles - certain low-speed
electric vehicles and two- or three-wheeled vehicles. The amount of the
credit is 10 percent of the cost of the vehicle, up to a maximum credit
of
$2,500 for purchases made after Feb. 17, 2009, and before Jan. 1, 2012.
To
qualify, a vehicle must be either a low speed vehicle propelled by an
electric motor that draws electricity from a battery with a capacity of
4
kilowatt hours or more or be a two- or three-wheeled vehicle propelled
by an
electric motor that draws electricity from a battery with the capacity
of
2.5 kilowatt hours. A taxpayer may not claim this credit if the plug-in
electric drive vehicle credit is allowable....and for credits of up to
$2,500 for purchasers of low speed or neighborhood electric vehicles
(limited in most states to top speeds of 25 mph), and electric
motorcycles
including three-wheeled vehicles.
This was part
of last Spring's Stimulus Bill. |
