ElectricMotorcycleForum.com
Makes And Models => Zero Motorcycles Forum | 2012 and older => Topic started by: jpaulus on January 03, 2013, 06:16:06 AM
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I don't recall being able to get the fed tax credit on last year's 2012 S purchase but I don't recall why. Is that possible? Can anyone point me to where I can find more info on how to redeem/check on this? Google is failing me/I am failing with google.
thanks!
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Check out Protomech's post here: http://www.elmoto.net/showthread.php?2743-2-and-3-wheel-EV-credits-Extended (http://www.elmoto.net/showthread.php?2743-2-and-3-wheel-EV-credits-Extended)!
It looks like you will be able to take the 10% Federal tax credit on your 2012 income tax statement.
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Awesome, thanks Richard!
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The relevant bit is in the Internal Revenue Code Section 30 (http://www.law.cornell.edu/uscode/text/26/30), which applies to low-speed electric vehicles (so-called "neighborhood electric vehicles" or NEVs) and to two- and three-wheeled electric vehicles. This section called for a 10% rebate up to $2500, and expired on Dec 31 2011. This section was originally introduced back in 1991 (!) as part of the Energy Policy Act of 1992 (http://thomas.loc.gov/cgi-bin/query/F?c102:7:./temp/~c102o2Bhpz:e802090:), and appears to have evolved from its original intent (mainstream 4-wheeled vehicles) to apply instead to NEVs and 2- and 3-wheeled vehicles.
(f) Termination
This section shall not apply to any vehicle acquired after December 31, 2011.
There is also the newer IRC Section 30D (http://www.law.cornell.edu/uscode/text/26/30D) credit which applies to highway-capable 4-wheeled electric vehicles such as the Chevrolet Volt and Nissan Leaf. This credit was introduced by H.R. 1424 (http://www.law.cornell.edu/usc-cgi/get_external.cgi?type=pubL&target=110-343) on 3/9/2007.
(a) Allowance of credit
There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the credit amounts determined under subsection (b) with respect to each new qualified plug-in electric drive motor vehicle placed in service by the taxpayer during the taxable year.
...
(d) New qualified plug-in electric drive motor vehicle
For purposes of this section—
(1) In general
The term “new qualified plug-in electric drive motor vehicle†means a motor vehicle—
(A) the original use of which commences with the taxpayer,
(B) which is acquired for use or lease by the taxpayer and not for resale,
(C) which is made by a manufacturer,
(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, and
(F) which is propelled to a significant extent by an electric motor which draws electricity from a battery which—
(i) has a capacity of not less than 4 kilowatt hours, and
(ii) is capable of being recharged from an external source of electricity.
(2) Motor vehicle
The term “motor vehicle†means any vehicle which is manufactured primarily for use on public streets, roads, and highways (not including a vehicle operated exclusively on a rail or rails) and which has at least 4 wheels.
Emphasis added. 30D does not have a fixed sunset date, but instead will phase out for each manufacturer once they have individually sold 200k units in the United States.
(e) Limitation on number of new qualified plug-in electric drive motor vehicles eligible for credit
(1) In general
In the case of a new qualified plug-in electric drive motor vehicle sold during the phaseout period, only the applicable percentage of the credit otherwise allowable under subsection (a) shall be allowed.
(2) Phaseout period
For purposes of this subsection, the phaseout period is the period beginning with the second calendar quarter following the calendar quarter which includes the first date on which the number of new qualified plug-in electric drive motor vehicles manufactured by the manufacturer of the vehicle referred to in paragraph (1) sold for use in the United States after December 31, 2009, is at least 200,000.
(3) Applicable percentage
For purposes of paragraph (1), the applicable percentage is—
(A) 50 percent for the first 2 calendar quarters of the phaseout period,
(B) 25 percent for the 3d and 4th calendar quarters of the phaseout period, and
(C) 0 percent for each calendar quarter thereafter.
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wow, this is huge. I wasn't holding out any hope that it would come through for 2012, this is a great surprise. I hope it's not too hard to file for.
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Passed by the Senate and signed by the president. Looks like the motorcycle credit is a thing.
Zachary Rubin on elmoto posted the link to the 2011 credit IRS form. I imagine the 2012 form will be similar.
http://www.irs.gov/pub/irs-pdf/f8834.pdf (http://www.irs.gov/pub/irs-pdf/f8834.pdf)
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Check out this interesting article in Businessweek about the tax credit and electric motorcycles in general:
http://www.businessweek.com/news/2013-01-03/congress-aids-oregon-electric-motorcycle-maker-in-budget (http://www.businessweek.com/news/2013-01-03/congress-aids-oregon-electric-motorcycle-maker-in-budget)
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http://www.businessweek.com/news/2013-01-03/congress-aids-oregon-electric-motorcycle-maker-in-budget (http://www.businessweek.com/news/2013-01-03/congress-aids-oregon-electric-motorcycle-maker-in-budget)
"Brammo ... sells thousands of motorcycles a year and may see sales grow 20 percent to 30 percent. ". Really. 1000's per year.
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Nice! Since my Zero riding of late has been minimal, my gas savings are not quite as prodigious as I had originally calculated.
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I sure have been seeing this story a lot lately. On the TV and radio news, and even in the business and general section of various newspapers. Considering that the Fiscal Cliff bill contained almost $80 billion of new tax loopholes and special-interest credits (the EV credit is just a very small tip of a very large iceberg), it really makes me wonder why there is so much emphasis on electric motorcycles getting the 10% income tax credit again. You could say it is a good thing that the public is being told that they can save money when buying an electric motorcycle - or you could wonder if the EV manufacturers and their customers are going to be tarred and feathered for being a "special interest" by the general (IC buying and taxpaying) public. Would, that would tend to take the heat off of the business that are really getting the big bucks. ???
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Retroactive, BAM!
Regarding being unpopular with fiscally responsible people, I hope they will have some perspective and realize that giving the miniscule population of electric motorcycle riders a measly 10% credit won't have much affect on the budget. There aren't many of us and I'll be paying a greater percentage in taxes based on wages than a lot of folks far wealthier than me!
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Very cool! ...So, how do I apply it? Is my tax person going to know?
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Very cool! ...So, how do I apply it? Is my tax person going to know?
Based upon my experience, your tax person will not know about the tax credit. You will have to tell them. Once they know something like that exists, they can easily research the IRS website to find the electric motorcycle tax credit form - which is way, way, down their pages of forms. You have no idea how many IRS forms there are until you go looking for a specific one that is relatively new. :o
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Started my taxes tonight, and voila! The old 2011 form has transformed into the 2012 form! Same link as protomech posted. You can find it here for all your tax crediting pleasures:
http://www.irs.gov/pub/irs-pdf/f8834.pdf (http://www.irs.gov/pub/irs-pdf/f8834.pdf)
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Started my taxes tonight, and voila! The old 2011 form has transformed into the 2012 form! Same link as protomech posted. You can find it here for all your tax crediting pleasures:
http://www.irs.gov/pub/irs-pdf/f8834.pdf (http://www.irs.gov/pub/irs-pdf/f8834.pdf)
Just noticed the following on p.3 of the form:
"You acquired (a vehicle is not “acquired†before the date on which title to that vehicle passes under state law) the vehicle after February 17, 2009, and before January 1, 2012;"
Huh? "before January 1, 2012" doesn't work...
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Looks like form 8834 is only used for vehicles acquired before 2012.
What's New
The qualified plug-in electric vehicle credit expired for vehicles acquired after 2011. However, if you acquired the plug-in vehicle before 2012, but placed that vehicle in service during 2012, you may still be able to claim the credit for 2012. You can claim a credit for certain two- or three-wheeled vehicles acquired after 2011 on Form 8936.
Here's Form 8936:
http://www.irs.gov/pub/irs-pdf/f8936.pdf (http://www.irs.gov/pub/irs-pdf/f8936.pdf)
What's New
The credit is now available for certain two- or three-wheeled vehicles acquired after 2011 and before 2014.