Tax Breaks for Electric Vehicles!
San Jose Tax Attorneys – Current tax law provides a tax credit for the cost of purchasing qualified plug-in electric vehicles (two- or three-wheeled vehicles) through 2013.
Low-Speed, Motorcycle & Three-Wheeled Vehicle Credit (Code Sec. 30) – A credit equal to 10% of the cost of motorcycles and three-wheeled vehicles purchased after February 17, 2009 and before 2014 is allowed, with a maximum credit of $2,500 per eligible vehicle. A qualifying vehicle must 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. The vehicle must have been manufactured primarily for use on public streets, roads and highways, and for those purchased in 2012 or 2013, the vehicle must be capable of a speed of at least 45 miles per hour.
Off-Road Vehicles & Golf Carts – Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for the credit.
Purchased or Leased – The qualified vehicle may be either purchased or leased by the taxpayer (but not for resale). Original use of the vehicle must begin with the taxpayer.