Performance Boats Forum banner
1 - 7 of 7 Posts

·
On The Gas
Joined
·
1,428 Posts
Discussion Starter · #1 ·
These "carts" are supposed to be classified as "LSV" which stands for "Low Speed Vehicle". They need to be electric and street legal and have certain restrictions & requirements to get the tax credit. Minimum credit is $2500 and maximum is $7500 based on the capacity of the batteries. Basically, the seller needs to be able to make the electric car or cart street legal and register it for you. You have to buy it before December 31st, 2009. You might be able to get this tax credit if you already bought a car/cart earlier this year that qualifies. That's pretty much it and you get a nice check back from the government. Might be a good time to pick one up.

Here is verbage and link right off the IRS website:

http://www.irs.gov/newsroom/article/0,,id=206871,00.html

Plug-in Electric Drive Vehicle Credit (Section 1141): The new law modifies the credit for qualified plug-in electric drive vehicles purchased after Dec. 31, 2009. To qualify, vehicles must be newly purchased, have four or more wheels, have a gross vehicle weight rating of less than 14,000 pounds, and draw propulsion using a battery with at least four kilowatt hours that can be recharged from an external source of electricity. The minimum amount of the credit for qualified plug-in electric drive vehicles is $2,500 and the credit tops out at $7,500, depending on the battery capacity. The full amount of the credit will be reduced with respect to a manufacturer's vehicles after the manufacturer has sold at least 200,000 vehicles.

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.
 

·
Old Skool Member
Joined
·
6,519 Posts
Hmmmmmmmmmmm....That should help sale a few of them. Where in AZ do you buy these at anyhow? You know like a dealer or something...
 

·
Temporarily Pacified!
Joined
·
5,554 Posts
I have a comment about this and I am sure a few more do also, but we will have to wait till this thread gets moved to that dark place know as the PRF. :)sphss
 

·
Banned
Joined
·
4,599 Posts
They did the same thing going on 10 years ago with those GEM cars... you'd get something like 1/2 the purchase price back from a tax credit...
 

·
Premium Member
Joined
·
870 Posts
The tax credit is 10% of the purcase price, up to $2500.00

No way in hell I spend 25K to save 25hun. For a $5,000.00 cart you save $500. Certainly not as good as the cash for junkers/clunkers program.
 

·
Temporarily Pacified!
Joined
·
5,554 Posts
Just thought I would add to the discussion.......I mean scam.

October 19, 2009 05:36 PM EDT by John Stossel
Free Golf Carts!

After money from the "stimulus" bill was spent on destroying perfectly good cars and building an Airport for Nobody, the WSJ reports that government has found an even more ridiculous way to spend your money: free golf carts.
"The purchase of some models could be absolutely free," Roger Gaddis of Ada Electric Cars in Oklahoma said earlier this year. "Is that about the coolest thing you've ever heard?"
The golf-cart boom follows an IRS ruling that many golf carts qualify for the electric-car credit.
Tony Colangelo, in Florida, calls himself "golf cart man" and is already advertising free carts.
Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. "This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!"
I thought this giveaway was outrageous enough that it would embarrass Congress into killing the tax credit. I thought the media would be all over Colangelo, after the WSJ story. I was wrong. When we called him, he said, “I’ve never had so many phone calls,” But most of the calls come from potential golf-cart “buyers.” Colangelo said he had received some e-mails from newspapers, but my researcher was the first reporter with whom he’d spoken.
He also said the golf-cart credit is a very good thing. Good for the politicians:
It’s all [about] going green. They want all those gas vehicles off the street. They’d rather have the electric than anything.
And good for the average person:
I never, in my entire life, got anything back from the government and I’ve always paid taxes. Why shouldn’t the people who worked hard for their money get something back?
Because government shouldn’t be in the business of taking money and giving it back! That just gives the venal cretins more power over our lives.
 
1 - 7 of 7 Posts
Top