Where
does this tax credit come from? |
Alternative power vehicles
were given a tax credit In September 2008 by the federal
government passing the HR6049 Energy Improvement &
Extension Act of 2008. The original tax credit legislation
expired December 31, 2009. Beginning January 1st, 2010
LSV's fall under The American Recovery & Reinvestment
Act and therefore become included in another IRS tax
code section allowing for a federal tax credit of 10%
of the cost of the qualifying unit with a maximum of
$2,500. Read
the notification letter - click here.
|
What
is a Low Speed Vehicle (LSV) |
LSV is a classification
regarding vehicles that operate on public road that
are posted at 35 or less MPH. These vehicles can cross
roads of 45 MPH. The vehicles have specific requirements
including a minimum obtainable speed of 20 Mph and maximum
of 25 Mph. Other requirements vary by state but all
LSV vehicles must be equipped with lights, blinkers,
brake lights, hazard lights, horn, rear view mirror,
DOT approved seat belts and windshield. |
How
does this tax credit work? |
This is a dollar for dollar tax credit
meaning it credits out your tax liability. you should
contact your account and determine what that liability
is. Bama Buggies offers no tax advice of any kind. |
Do
I have to tag the vehicle to be eligible for the tax
credit? |
Click
here for a PDF list of state-by-state tag requirements.
You are required to pay tax whether sales or excise
tax (depending on your state). Since the tax credit
is only for vehicles driven on the street, we strongly
recommend tagging this vehicle if you plan to take any
tax credits. |
How
do I purchase one of these LSV's? |
Inventory will, inevitably,
be a problem with this years tax credit just like it
was last year. We strongly recommend doing your research
and making a decision to purchase quickly as we have
already seen upset customer who waited and ended up
missing out. We currently have inventory in stock but
it will not last long. And with the demand on Bad Boy
for production they could easily be stretched thin.
We encourage prompt action to ensure you can take advantage
of this opportunity. |
