Tax Credit Available Now for Star Low Speed Vehicles
Information on the ARRA Tax Credit:
Plug-in Electric Vehicles (IRC 30)
Internal Revenue Code Section 30 provides a credit for qualified plug-in electric vehicles. The credit is equal to 10 percent of the cost of a qualified plug-in electric vehicle and is limited to $2,500. Qualified vehicles include low-speed vehicles that are certified by the IRS.
Vehicles must be acquired after February 17, 2009 and before January 1, 2012. 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.
Notice 2009-89 applies to vehicles acquired subsequent to 12-31-2009 and provides procedures that a vehicle manufacturer may use if it chooses to certify that a vehicle meets certain requirements that must be satisfied to claim the Qualified Plug-in Electric Drive Motor Vehicle Credit and the amount of the credit allowable with respect to that vehicle.
For more information on the ARRA Tax Credit and how it apply's to LSV's please go to the IRS Website.
Cars Approved for the AARA Tax Credit:
2009/2010/2011 Star-BN48-2-NEV/LSV, 2 Passenger Deluxe Bubble Low Speed Vehicle
2009/2010/2011 Star-B48-2-NEV/LSV, 2 Passenger Champion Bubble Low Speed Vehicle
2009/2010/2011 Star-B48-4-NEV/LSV, 4 Passenger Champion Bubble Low Speed Vehicle
2009/2010/2011 Star-BN48-4-NEV/LSV, 4 Passenger Deluxe Bubble Low Speed Vehicle
2009/2010/2011 Star-B48-6-NEV/LSV, 6 Passenger Champion Bubble Low Speed Vehicle
2009/2010/2011 Star-48-2-NEV/LSV, 2 Passenger Low Speed Vehicle
2009/2010/2011 Star-48-4SF-NEV/LSV, 4 Passenger Short Low Speed Vehicle
2009/2010/2011 Star-48-4-NEV/LSV, 4 Passenger Long Low Speed Vehicle
2009/2010/2011 Star-48-6SF-NEV/LSV, 6 Passenger Short Low Speed Vehicle
2009/2010/2011 Star-48-6-NEV/LSV, 6 Passenger Long Low Speed Vehicle
2009/2010/2011 Star-48L-4SF-NEV/LSV or Star-48L-22F-NEV/LSV, 4 Passenger Short Lifted LSV
2009/2010/2011 Star-48L-6SF-NEV/LSV, 6 Passenger Short Lifted Low Speed Vehicle
The following Frequently Asked Questions and IRS Certificate should assist you in understanding of how the tax credit may apply to purchases of Star Low Speed Vehicles:
2010-2011 IRS Certificate
2009 IRS Certificate
For additional information, please refer to IRS News Release IR-2009-45, and IRS Notice 2009-54.
Disclaimer: In this and any tax matter, taxpayer should consult their tax advisor to determine qualification for any tax credit and to clarify the benefit that may be available given their individual circumstances.