[ausev] You can get up to $4,000 for converting...

[tunafish at io.com]

Thank you Brian for doing all that digging and explaining!  Thank you all who had a hand in this!!!

Sincerely,
Tanda

Brian Lasseter wrote:

> I saw a few emails on this list to petition congressmen about
> including homemade electric car conversions in the tax code, but I
> never saw how this issue turned out.  So... while I had some free time
> on my lunch break the other day I dug into the tax code changes for
> the 2009 tax year.
>
> I am happy to report that the "Stimulus Bill" does has lots of money
> for Electric car enthusiasts, $1,600,000,000 to be exact.  :-)
>
> Looking at the Federal Tax Credits for Energy Efficiency overview is a
> good place to start, it has things in a nice chart format, but is
> lacking on details:
> http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
> The IRS has a fair summary of the "Energy Provisions of the American
> Recovery and Reinvestment Act of 2009" here:
> http://www.irs.gov/newsroom/article/0,,id=206871,00.html
> But the nitty gritty requires a reading of the "American Recovery and
> Reinvestment Act of 2009" (the "Stimulus Bill") which can be found
> here:  http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf
>
> Here's a breakdown of the important points I took away:
>
> Residential Energy Efficient Property Credit (Section 1122): Firstly,
> the rebate for solar panels is now a flat 30% credit, no longer
> limited to $2000.  (This makes solar panels insanely cheap in the
> Austin Energy service area... The payback period for solar panels is 1
> year or less.)
>
> Alternative Fuel Vehicle Refueling Property (Section 1132): Yup... if
> you install a new plug on your wall, or an expensive paddle charger in
> your garage for your new electric car, you can claim a tax credit for
> 50% of the money you spent (up to $50,000).
>
> Plug-in Electric Drive Vehicle Credit (Section 1141, page 212 of the
> Stimulus Bill):  This applies to highway speed electric vehicles sold
> by major car companies.  You get $2,500 to $7,500 depending on the
> battery capacity of the vehicle.  This credit does not start to phase
> out until the car company reaches 200,000 electric cars.  That is a
> lot of electric vehicles... 200,000 per car company?  The hybrid tax
> credits phased out completely by the time they sold 60,000 hybrid
> cars.
>
> Plug-In Electric Vehicle Credit (Section 1142, page 214 of the
> Stimulus Bill): This applies to neighborhood electric vehicles, and
> electric motorcycles for 10 percent of the cost of the vehicle, up to
> a maximum credit of $2,500 for purchases made after Feb. 17, 2009, and
> before Jan. 1, 2012. To qualify, a vehicle must be either a low speed
> vehicle propelled by an electric motor that draws electricity from a
> battery with a capacity of 4 kilowatt hours or more or be a two- or
> three-wheeled vehicle propelled by an electric motor that draws
> electricity from a battery with the capacity of 2.5 kilowatt hours. A
> taxpayer may not claim this credit if the plug-in electric drive
> vehicle credit is allowable.
>
> Conversion Kits (Section 1143, page 217 of the Stimulus Bill): This is
> the big enchilada for AustinEV.  It provides a tax credit for plug-in
> electric drive conversion kits equal to 10 percent of the cost of
> converting a vehicle to a qualified plug-in electric drive motor
> vehicle up to a maximum amount of $4,000.  How awesome is that?  The
> downside is that the IRS has not come out with new forms of qualifying
> guidelines yet, so the only way to get information is to read the 407
> page Stimulus bill and piece together the syntactical redirection of
> section 1143.  Here is my take on the qualifications for a converted
> electric car to get $$$:
>
>    The term ëqualified plug-in electric drive motor vehicleí means a
> motor vehicleó
>    (A) which is used only within the United States,
>    (B) which is acquired for use or lease by the taxpayer and not for resale,
>    (C) which must be placed in service after Feb. 17, 2009 and before
> Dec. 31, 2011,
>    (D) which is treated as a motor vehicle for purposes of title II of
> the Clean Air Act,
>    (E) which has a gross vehicle weight rating of less than 14,000 pounds,
>    (F) which is propelled to a significant extent by an electric motor
> which draws electricity from a battery whichó
>       (i) has a capacity of not less than 4 kilowatt hours,
>       (ii) is capable of being recharged from an external source of
> electricity, and
>       (iii) can be measured from a 100 percent state of charge to a 0
> percent state of charge.
>    (G) which is manufactured primarily for use on public streets,
> roads, and highways (not rails),
>    (H) which has at least 4 wheels, and
>    (I) which must be in compliance with-
>       (i) the applicable provisions of the Clean Air Act, and
>       (ii) the motor vehicle safety provisions of sections 30101
> through 30169 of title 49, United States Code.
>
> Oh... and a taxpayer may claim this "Conversion Kit" credit even if
> the taxpayer claimed a hybrid vehicle credit for the same vehicle in
> an earlier year.  Woohoo!
>
> --
> TTFN,
> Brian "Lasso" Lasseter
>
> "No Sane man will dance."   -Cicero (106-43 B.C.)
>
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