Electric Vehicle Tax Credit 2018 Golf Cart

Claiming the federal electric vehicle tax credit.

Electric vehicle tax credit 2018 golf cart.

Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks. For vehicles acquired after december 31 2009 the credit is equal to 2 500 plus for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity 417 plus an additional 417 for each kilowatt hour of. Electric vehicle tax credit. Street legal gem passenger and utility electric vehicles get the job done efficiently economically and sustainably with zero emissions and lower operating costs than a gas powered van or truck.

You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit. And in a new ruling the irs has said the credit applies to street legal golf carts. You may be eligible for a credit under section 30d a if you purchased a car or truck with at least four wheels and a gross vehicle weight of less than 14 000 pounds that draws energy from a battery with at least 4 kilowatt hours and that may be recharged from an external source. In order to claim the federal electric vehicle tax credit once you buy an electric car you ll need to fill out irs form 8936 and report the proper credit from the form on form 1040 individual income tax return.

The irs gives detailed instructions for how to fill out these forms on their website but we ve broken down. Everything you need to know in this article we ll tell you everything you need to know about the federal tax credit available for 2020. I ve been driving an ev for several years now and have thoroughly researched state and federal tax credits and other incentives for a future purchase as well. Star ev corporation 378 neely ferry road simpsonville sc 29680 usa toll free.

A last idea as stated by a man in florida who sells golf carts is to buy the new cart and lease it back to him for approximately the difference between the retail price 8 000 and the tax rebate amount 5 300 or 27 payments of 100 dollars at the end you will own the cart or he will buy it back from you for an additional 2000 in your pocket. Electric vehicles powered by a battery or hydrogen fuel cell including plug in hybrid electric vehicles with a battery capacity of at least 4 kilowatt hours are eligible for a rebate of 2 500. Peachtree city ga a community south of atlanta is one area that has encouraged nev use among its residents. The irs offers a green tax credit that s better than a deduction of between 4 000 and 6 000 off the purchase of an electric vehicle.