electric vehicle credit

Oct 19, 2009 2 Replies
K

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


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B

golf carts are specifically excluded from the plug-in electric vehicle credit (Notice 2009-54); I imagine that holds true for similar credits.

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A

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.

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