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an overview by The Tomberlin Sales Management Team
PDF of Article - Tomberlin Page: Tax Credit by Electric Vehicle
As many of you are aware, the Internal Revenue Service recently announced tax credits that could benefit taxpayers who purchase Tomberlin Low Speed Vehicles. Although the IRS has not finalized the guidelines and certification procedures necessary to file for these tax credits, they state in their announcement that taxpayers may qualify for one of two available tax credits, summarized as follows:
The Emergency Economic Stabilization Act of 2008 (EESA) Tax Credit. This tax credit is available for four-wheeled vehicles that draw propulsion using a rechargeable battery with at least four kilowatt hours of capacity, purchased during 2009. The actual credit is determined by the capacity of the battery. The minimum credit is $2,500 and the maximum credit is $7,500, depending on the weight of the vehicle and the capacity of the battery.
The American Recovery and Reinvestment Act of 2009 (ARRA) Tax Credit. This tax credit is designed for Low Speed Vehicles (LSV’s) or 2-3 wheel electric vehicles such as motor scooters. The available tax credit is equal to 10% of the cost of the vehicle, purchased after February 17, 2009 and before January 1, 2012. The maximum credit for an LSV is $2,500.
The following Frequently Asked Questions should assist you in your understanding of how each of the tax credits may apply to purchases of Tomberlin Low Speed Vehicles. The answers are based on direct feedback from legal counsel, as well as our current understanding of the public information, and therefore this information is open to change once the final IRS certification procedures and guidelines are published.
Does the Tomberlin E-Merge and/or Anvil LSV Meet NHTSA Guidelines? . . . . . . Yes!
All Low Speed Vehicle models (also referred to as Neighborhood Electric Vehicles or NEV’s) manufactured and sold by Tomberlin are manufactured primarily for use on public streets, roads and highways, and they meet the NHTSA requirements as defined by Title 49 CFR, Chapter V, Part 571.500, Standard No. 500; Low-speed vehicles.
Does Tomberlin Need To Be On a "Certified" List Published by the IRS?
Currently there is no list or procedure to certify that any of our vehicles qualify for the credit. Until the IRS publishes this certification procedure, the consumer will need to ensure their purchase meets the currently published tax-credit guidelines. After the IRS’s guideline’s are published, Tomberlin will certify with the IRS which cars are compliant, and the consumer can just look for and rely on the IRS’s list without further inquiry.
Can A Taxpayer Claim Both Tax Credits? . . . . . No!
According to the IRS release, the taxpayer may qualify for both tax credits, if purchased after February 19, 2009. However, a taxpayer may not claim both credits for the same vehicle.
Does the Vehicle Have to Be a 2009 Model Year Vehicle? . . . . No?
Any model year Tomberlin LSV qualifies, as long as it was purchased new, during the qualifying time period.
How Much is the Credit for A Tomberlin E-Merge?
Although the exact tax credit schedule has not been released by the IRS, based on our 48 volt battery capacity of 8.16kwh to 8.78kwh, we anticipate the total tax credit for an E-Merge will be approximately $4,000 to $4,500.
Do Traditional Golf Carts Qualify? . . . . . No!
According to the IRS brief, vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for either credit.
Does the Consumer Get a Form to Fill Out When They Buy the Vehicle? . . . . . No!
Upon issuing the final guidelines, the IRS may issue a form or attachment which to be completed and attached to such consumer’s itemized tax return. If the IRS chooses not to create a new form, the current IRS Form 8910 – Alternative Motor Vehicle Credit Form will be the appropriate form to submit with the itemized return.
Can A Consumer Claim the Credit on More Than One Vehicle? . . . . . Yes?
According to the statute, these credits are vehicle specific. As long as the consumer possesses the requisite tax to absorb the total amount of the credits, each vehicle should qualify for its own credit.
Any Disclaimers? . . . . Absolutely!
In this and any tax matter, taxpayers should consult their tax advisor to determine qualification for any tax credit and to clarify the benefit that may be available given their individual circumstances.
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We have included below a copy of the actual press release form the IRS.
Tax Breaks Available for Taxpayers Who Purchase Qualified Plug-In Electric Vehicles |
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IR-2009-45, April 24, 2009
WASHINGTON - Plug-in electric vehicles using certain types of batteries may qualify for a new tax credit if purchased this year, the Internal Revenue Service said today.
The Emergency Economic Stabilization Act of 2008 (EESA) and the American Recovery and Reinvestment Act of 2009 (ARRA) created two new tax credits for various types of electric vehicles, which may include what are commonly referred to as neighborhood electric vehicles. ARRA creates a tax credit for low-speed or two- or three-wheel electric vehicles, such as motor scooters, purchased after Feb. 17, 2009, and before Jan. 1, 2012. The amount of the credit is 10 percent of the cost of the vehicle, up to a maximum credit of $2,500. To qualify, a vehicle must be either a low-speed vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 4 kilowatt hours or be a two- or three-wheeled vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 2.5 kilowatt hours.
EESA created a tax credit for vehicles that have at least four wheels and draw propulsion using a rechargeable traction battery with at least four kilowatt hours of capacity. For 2009, the minimum credit is $2,500 and the credit tops out at $7,500 to $15,000, depending on the weight of the vehicle and the capacity of the battery.
During 2009, low-speed, four-wheeled vehicles manufactured primarily for use on public streets, roads and highways (neighborhood electric vehicles) may qualify both for the EESA credit and, if purchased after February 17, 2009, for the ARRA credit for low-speed electric vehicles. A taxpayer may not claim both credits for the same vehicle. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for either credit.
The Internal Revenue Service is working on guidance regarding certification procedures for both of these credits. |
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Web Link: The New Electric Vehicle Tax Credits - an overview by Tomberlin
PDF Version: The-New-Electric-Vehicle-Tax-Credits.pdf
Local Blog: Blog - The New Electric Vehicle Tax Credits
WordPress Blog: The New Electric Vehicle Tax Credits Overview
Zimbio Article: The New Electric Vehicles Tax Credits Overview
Merchant Circle Blog: The New Electric Vehicles Tax Credits - an overview by Tomberlin
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We stand poised to bring the world the most exciting electric vehicle to date. As a global provider of a new class of Low Speed Vehicles, we bring an environmentally friendly plug-in device to your drive. Our pledge to you is to be on the leading edge of high quality electric vehicle production, freeing you and the planet from dependence on petroleum fuels and their providers. EcoDrive Global promises to provide a new form of transportation, one that is safe, fun to drive, easy to maintain and easy on the planet we share. We're EcoDrive Global, enjoy the ride.
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