Looking for the perfect gift?
As we recently discussed, Uncle Sam’s is offering a generous Federal Tax Credit to those who purchase a qualifying electric low speed vehicle (LSV), on or before December 31, 2009.
Although traditional golf carts are not actually covered by the credit, many of the qualifying models available look like golf carts and come equipped with lights and rear view mirrors.
The only catch is that you have to make sure that you purchase a qualifying vehicle to get the tax credit.
Qualifing vehicles include four-wheeled vehicles that draw propulsion using a rechargeable battery with at least four kilowatt hours of capacity, The actual amount of the tax credit varies depending upon the capacity of the battery.
The minimum credit is $2,500.00. The amount of the credit actually issued is equal to the sum of $2,500.00 plus $417.00 for each kilowatt-hour of traction battery capacity in excess of four kilowatt-hours.
The maximum credit can range from $ 7,500 to $ 15,000, depending on the gross vehicle weight rating of the vehicle.
The credit applies to all new 2008, 2009 and 2010 low speed vehicles “LSV” purchased after January 1, 2009 and before December 31st, 2009.
For advice regarding this credit you should always consult a tax professional.
There has been a great deal of confusion regarding whether the purchase of a qualifying LSV entitles you to an additional 20% South Carolina tax credit. After our initial post, The South Carolina Department of Revenue clarified the issue stating that South Carolina has not adopted the Federal tax credit and will not be offering an additional credit.
For a current list of qualifying LSVs, please visit: http://www.irs.gov/businesses/article/0,,id=214841,00.html
Strom Law Firm is a personal injury and criminal defense law firm centrally located in Columbia, South Carolina. Our firm proudly handles personal injury, criminal defense, defective products, class actions, pharmaceutical liability, toxic torts, medical malpractice, nursing home neglect, workers compensation, social security, veteran’s benefits, qui tam, predatory lending, tax investigations, business litigation, and wills and estates. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia