PRINT
RSS
PDF
To take advantage of the offer, taxpayers must purchase a qualified vehicle on or before December 31, 2009. The demand for the cars has been so high that electric car dealers like Drive Electric have been running low or running out of inventory. The vehicles can be purchased online and take approximately 4-6 weeks to be delivered.
Not all vehicles qualify for the Qualified Plug-In Electric Drive Motor Vehicle Credit. "The tax refund on an electric car is based on the specific model vehicle and how efficient it is. Because they have the latest technology and the best available high capacity batteries, the Zone models at FreeElectricCar.com have a much higher credit than other cars," said Drive Electric CEO Colin Reilly.
With each electric vehicle purchased, the new owner will receive a certified "Proof of Purchase" from Drive Electric to document the date of purchase and a copy of the IRS Certification letter. A new tax form, 8936 was created for taxpayers to claim the credit.
Reilly notes that this is a tax credit. That means a dollar for dollar reduction in taxes owed to the IRS. It is not an income deduction. For tax already paid through withholding or estimated payments, the credit amount comes in the form of a refund.
"Here's an example: you can get a 4 passenger vehicle that we have on sale for $6,496. That's the amount of the federal tax credit available right now through December 31, 2009. So it's essentially free," he said.
Businesses also like the cars to transport groups of people around at festivals, events and places that demand a lot of traffic. The vehicles are ideal for transporting people in poor health across large parking lots or areas. If the vehicles purchased are for business use, credits in excess of Federal tax liability can be carried back 1 year and carried forward 20 years.
The vehicles go 25mph and are ideal as second cars for short quick trips across town. The cost to buy, maintain, insure and operate the cars is much less than regular gas-powered cars.
Look at the selection of electric cars now at www.FreeElectricCar.com
Press Contact:
Damon Skondin
520-882-9200
damon at JustDriveElectric.com
Submit Press Release - IBWIRE Inc
