Tax Credits Available For Electric Vehicles - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Tax Credits Available For Electric Vehicles

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The federal government is trying to make this economy go with more than $1 trillion in recovery money. So how do you get your hands on some of that cash? A tax credit will put you behind the wheel of an electric car.

Lisa Castle with A-1 Golf Cars in Oceanside hopes a new federal tax credit will give her business a boost.

"Yeah, we're hoping that any type of tax rebate incentive will get people to go ahead and go green," she said.

The Internal Revenue Service wants you to know the 2008 Emergency Economic Stabilization Act and 2009 American Recovery and Reinvestment Act created two new tax credits for various electric vehicles.

Raphael Tulino, spokesperson for the IRS, says both the stimulus and bailout bills are packed with goodies.

"So buy the vehicle in 2009, drive off, so to speak, with some savings next year when you file your return next spring for this tax year," Tulino said.

In some cases the electric car tax credit is 10 percent of the vehicle's purchase price, but in others it can range from $2,500 all the way up to $15,000.

For the past few years, the City of Vista has invested in electric cars and carts to transport residents to and from their senior center and maintain city parks. Reliable and emission-free, volunteer driver Harold Trudeau enjoys that gold cart glide so much, he bought one for himself.

"You're not using any gasoline, that's why I like mine," he said.

The Internal Revenue Service points out vehicles made primarily for off-road use don't qualify for a tax credit, so for all of you golfers out there, carts don't qualify.

Remember to always consult your accountant about tax credits before making a purchase.

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