| Example Purchase | |
|---|---|
| Enertia Purchase Price | $7,995 |
| 10% Tax Credit | -$800 |
| Total | $7,195 |
Please Note:
A federal tax credit of 10% of the cost of the vehicle was available for U.S. purchasers of qualifying Electric Motorcycles including the Brammo Enertia prior to January 1, 2012. On that date, the tax credit expired. The advocacy group Plug-In America has fought to retain the credits, and has indicated that it's possible they will be reinstated at a later date as part of further payroll-tax extension legislation. Although a renewal of this tax credit is likely to be retrospective in nature, neither the renewal nor the retrospective effect is guaranteed. As with all tax matters, this information does not constitute tax advice, please consult your tax advisor, attorney, or accountant for specific details.
These vehicles which need to be able to drive on public roads, streets, and highways, are eligible for a 10% Federal Tax Credit up to a maximum of $2,500. This is a Federal tax credit, which reduces your tax liability by the amount of the credit; eg: if you owe $5,000 to the IRS and purchase an $8,000 electric motorcycle package, you would receive an $800 credit and now owe $4,200. If you are owed a refund by the IRS, your refund is increased by the amount of the tax credit
This provides all taxpayers with a deduction for State and local sales and excise taxes paid on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2010. This deduction is subject to a phase-out for taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return). In this case, since it is a Federal tax deduction, the amount comes off your adjusted gross income and reduces the amount of taxes paid based on your income tax bracket
As with all tax matters, this information does not constitute tax advice, please consult your tax advisor, attorney, or accountant for specific details on how to claim these tax benefits. The IRS will be providing final forms and instructions for these new tax incentives later in 2010.
Click Here For An Interactive State By State Map Of Incentives
The following is from: http://green.autoblog.com/2011/07/22/carb-approves-extension-of-clean-vehicle-rebates/
While we can't say for certain when 2011-2012 funding will be allocated, we can shed some light on the allocation process. Even though the Draft Funding Plan has been approved, CARB must wait until the state budget is finalized. As a state agency, CARB is not allowed to spend money until California's budget is set. Once approved, CARB will then open up a competitive bidding process to organizations interested in administering the CVRP and, upon evaluation, award the grant to a successful organization.
The per-vehicle rebate amounts will be reduced for 2011-2012. Here's a look at the rebate breakdown:
