|
Forums36
Topics40,963
Posts557,994
Members18,503
| |
Most Online3,612
Jan 10th, 2023
|
|
|
1 members (esshup),
1,255
guests, and
206
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
|
Joined: Mar 2006
Posts: 370
Lunker
|
OP
Lunker
Joined: Mar 2006
Posts: 370 |
Been thinking about buying another one for my wife, after adding a few accessories like…four season package, radio, all-terrain tires and flip down utility/cargo bed with hitch, the price came to $7900.00---- just a little to rich for my blood. Then I found this information yesterday, could it be true?
The following is from the Wall Street Journal:
OCTOBER 17, 2009
Cash for Clubbers
Congress's fabulous golf cart stimulus.
We thought cash for clunkers was the ultimate waste of taxpayer money, but as usual we were too optimistic. Thanks to the federal tax credit to buy high-mileage cars that was part of President Obama's stimulus plan, Uncle Sam is now paying Americans to buy that great necessity of modern life, the golf cart.
The federal credit provides from $4,200 to $5,500 for the purchase of an electric vehicle, and when it is combined with similar incentive plans in many states the tax credits can pay for nearly the entire cost of a golf cart. Even in states that don't have their own tax rebate plans, the federal credit is generous enough to pay for half or even two-thirds of the average sticker price of a cart, which is typically in the range of $8,000 to $10,000. "The purchase of some models could be absolutely free," Roger Gaddis of Ada Electric Cars in Oklahoma said earlier this year. "Is that about the coolest thing you've ever heard?"
The golf-cart boom has followed an IRS ruling that golf carts qualify for the electric-car credit as long as they are also road worthy. These qualifying golf carts are essentially the same as normal golf carts save for adding some safety features, such as side and rearview mirrors and three-point seat belts. They typically can go 15 to 25 miles per hour.
In South Carolina, sales of these carts have been soaring as dealerships alert customers to Uncle Sam's giveaway. "The Golf Cart Man" in the Villages of Lady Lake, Florida is running a banner online ad that declares: "GET A FREE GOLF CART. Or make $2,000 doing absolutely nothing!"
Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. "This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!" You can't blame a guy for exploiting loopholes that Congress offers.
The IRS has also ruled that there's no limit to how many electric cars an individual can buy, so some enterprising profiteers are stocking up on multiple carts while the federal credit lasts, in order to resell them at a profit later.
|
|
|
|
|
Joined: Feb 2009
Posts: 396
Lunker
|
|
Lunker
Joined: Feb 2009
Posts: 396 |
That would be great for me as I am in the market for one, maybe I will finally be the one getting "stimulated" instead of
%&#@*&$$#@
I will let you know with any updates.
|
|
|
|
|
Joined: Jan 2009
Posts: 28,539 Likes: 844
Moderator Ambassador Field Correspondent  Lunker
|
Moderator Ambassador Field Correspondent Lunker
Joined: Jan 2009
Posts: 28,539 Likes: 844 |
Looks like it's true. Pg. 96. See for yourself
|
|
|
|
|
Joined: Oct 2005
Posts: 6,934 Likes: 2
Ambassador
Field Correspondent Lunker
|
|
Ambassador
Field Correspondent Lunker
Joined: Oct 2005
Posts: 6,934 Likes: 2 |
|
|
|
|
|
Joined: Jan 2009
Posts: 28,539 Likes: 844
Moderator Ambassador Field Correspondent Lunker
|
Moderator Ambassador Field Correspondent Lunker
Joined: Jan 2009
Posts: 28,539 Likes: 844 |
As long as it's road legal, then yes. seatbelts, etc.
|
|
|
|
|
Joined: Jul 2006
Posts: 7,615 Likes: 5
Ambassador
Field Correspondent Lunker
|
|
Ambassador
Field Correspondent Lunker
Joined: Jul 2006
Posts: 7,615 Likes: 5 |
Here's the official text:
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.
Two or three wheeled 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.
Four wheeled vehicles:
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.
NOTE: Make sure the dealer verifies that the vehicle is a qualifying vehicle before you purchase it.
A new qualified plug-in electric drive motor vehicle is a motor vehicle that:
* The original use of the vehicle starts with you,
* Is purchased for your use or lease and not for resale,
* Is made by a manufacturer,
* Is treated as a motor vehicle for purposes of title II of the Clean Air Act,
* Has a gross vehicle weight rating of less than 14,000 pounds, and
* Is propelled to a significant extent by an electric motor which draws electricity from a battery which:
* Has a capacity of not less that 4 kilowatt hours, and
* Is capable of being recharged from an external source of electricity.
Plus it is my understanding that the plug in vehicle credit will offset Alternative Minimum Tax in additional to ordinary income tax.
And as always, this post is for information purposes only and does not constitute tax advice. Check with your tax preparer and/or your mother in law before making any decisions that may or may not effect your taxes.
JHAP
~~~~~~~~~~
"My mind is a raging torrent, flooded with rivulets of thought cascading into a waterfall of creative alternatives."
...Hedley Lamarr (that's Hedley not Hedy)
|
|
|
|
|
Joined: Dec 2006
Posts: 2,086
Lunker
|
|
Lunker
Joined: Dec 2006
Posts: 2,086 |
My pond is a hybred,can I get 5 grand?
I subscribe Some days you get the dog,and some days he gets you.Every dog has his day,and sometimes he has two! 
|
|
|
Moderated by Bill Cody, Bruce Condello, catmandoo, Chris Steelman, Dave Davidson1, esshup, ewest, FireIsHot, Omaha, Sunil, teehjaeh57 |
|
