LSV Qualifies for Federal Income Tax Credit
Credit (10% of cost of qualified vehicle)
Pohle NV Center is Authorized Dealer (Arizona MVD)
Effective January 1, 2010, an IRS Income tax credit is available for qualified Low Speed Vehicles (LSV’s) in the amount of 10% of the cost of the vehicle (limited to $2500) (Internal Revenue Code Section 30). This credit is part of The American Recovery and Reinvestment Act of 2009. This new credit amended section 30D, and is effective for vehicles acquired after December 31, 2009, and before December 31, 2011
Qualified vehicles may include low-speed vehicles or vehicles that have two or three wheels. The vehicle must be acquired for use or lease and not for resale. Additionally, the original use of the vehicle must commence with the taxpayer and the vehicle must be used predominantly in the United States.
Here are some FAQ’s;
Which cars qualify? All qualified LSV’s (aka NEV’s) that meet the Title 48 CFR, Chapter V, Part 571.500 Standard No. 500 specifications (including a 17-digit VIN number).
Do Golf Cars Qualify? No. Only qualified LSV vehicles sold in the correct time period qualify.
What does the term certified mean? This term refers to the newest IRS guidelines wherein the manufacturer must apply for a certificate and receive notification of approval.
Are multiple Credits available? Yes. The credit is available for each vehicle. The limitations will be based on the customer’s ability to use all the credits based on their income. Taxpayers should seek advice and council of reliable tax consultants or accountants.
How does the tax credit work? These are a tax credit, which means a dollar for dollar reduction of the amount the taxpayer owes to the IRS in 2010. Customers who plan to use the tax incentive should seek tax advice in advance of the purchase to be certain this deduction will work for them.
PLEASE CONSULT WITH YOUR TAX ADVISOR FOR MORE INFORMATION
IRS website explaining Plug-in Electric Vehicle Tax Credits
IRS Form 8936 (2009) Qualified Plug-in Electric Drive Motor Vehicle Credit
IRS Tax Certification Letter for E-Z-GO® 2Five™
IRS Tax Certification Letter for Fairplay EVE models (2010)
Nov. 2009 - Steve Pohle of Pohle NV Center
appears in this Cronkite News video about tax credits for LSV’s
watch video
ABC News Report on LSV
"Street Legal" low-speed electric cars qualifying for tax credit
"In April, the Internal Revenue Service confirmed that "neighborhood electric vehicles" or NEVs -- a common term for electric-powered golf cars and other low-speed vehicles allowed on public roadways -- bought in 2009 qualified for the tax credit. (The IRS indicated that traditional golf carts used mainly on golf courses -- as opposed to street-legal vehicles -- aren't eligible for the credit.......” watch video
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