AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011 by Barbara Weltman

Author:Barbara Weltman
Language: eng
Format: epub
ISBN: 9781118233504
Publisher: Wiley
Published: 2010-10-04T16:00:00+00:00

Credit for Low-Speed Electric Vehicles

There is a federal tax credit for the purchase of a low-speed plug-in electric vehicle starting in 2010. The credit applies whether you use the vehicle for personal driving, business driving, or a combination of both.

Benefit

The tax credit is 10 percent of the cost of a qualified vehicle, up to maximum credit of $2,500.

Conditions

The tax credit applies only to the purchase of certain two-wheeled, three-wheeled, and low-speed electric-powered vehicles. Eligible vehicles include plug-ins that are:

Low-speed vehicles which are not manufactured primarily for off-road use, such as primarily for use on a golf course

Motorcycles

Three-wheeled vehicles

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