[ausev] IRS Tax Credits for Electric Vehicles?

[Brian Lasseter]

    I noticed that Uncle Sam, in his infinite wisdom, seems to have
eliminated the Electric Vehicle Tax Credit.  You could take a credit
for 10% of the cost of an electric vehicle placed into service in
2005, 2.5% of the cost of an electric vehicle placed into service in
2006, and now 0% in 2007.

   2007 Form 8834:  Qualified Electric Vehicle Credit:
http://www.irs.gov/pub/irs-pdf/f8834.pdf
   2005 Form 8834:  Qualified Electric Vehicle Credit:
http://www.irs.gov/pub/irs-prior/f8834--2005.pdf

   Does anyone else have any information to contradict my findings?
Or am I unfortunately correct that anyone who finished an electric car
in 2007 can take no money from Uncle Sam.  Here's hoping for a better
2008, when I take delivery of my Electric Car.


   People can still take tax credits for Hydrogen powered cars... I'd
be REAL curious to see how many people claimed Fuel Cell car credits
this year.  See
http://www.irs.gov/newsroom/article/0,,id=172612,00.html   and
http://www.irs.gov/pub/irs-pdf/f8910.pdf


   On the plus side, one can still take a tax credit for 30% of the
value of "qualified alternative fuel vehicle refueling property",
which includes but is not limited to property used to "Recharge motor
vehicles propelled by electricity."   (limited to $30,000 for
business/investment use property or limited to $1,000 for personal use
property)  See   http://www.irs.gov/pub/irs-pdf/f8911.pdf

   So I suspect that Claire (who recently finished a new barn for her
vehicles), and Aaron (who is about to build a new garage) would
qualify for this credit.  Heck, I would qualify if I bolt my PFC20
Charger to my garage wall, but IRS rules would obligate me to keep it
there for three years... and that's wholly inconvenient.

   You can also still claim a Tax Credit for 30% of the value of Solar
Panels installed in 2007, up to a maximum of $2,000.  See
http://www.irs.gov/pub/irs-pdf/f5695.pdf


-- 
TTFN,
Brian "Lasso" Lasseter

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