Electric Car Anybody?

Spoke to a friend this weekend about this whole FREE ELECTRIC VEHICLE deal and was clueless. Since I new very little about it.. I did a little digging and this is what I found over the last few days.. But I will tell you, my little neighborhood is becoming more populated with these quiet little rigs and they are pretty cool..

Did you know OKLAHOMA is THE ONLY STATE IN THE US offering a 50% tax credit for the purchase of an "electric" automobile?

You can get nearly anything on these vehicles (aftermarket) as in your regular size vehicle.. but this one has attitude and only goes 35mph...

Dealers in OK
http://bigmanev.com/ (ALVA, OK)
http://adaelectriccars.com/dyn/showpage.php?id=15 (ADA, OK)

News 9 Story..
http://www.news9.com/Global/story.asp?S=11030782

IRS Link
http://www.irs.gov/newsroom/article/0,,id=207051,00.html

Excerpts from BIGMAN ELECTRIC VEHICLES site:
“The credit is available for cars purchased prior to December 31, 2009. These are federal tax CREDITS, so it is a dollar-for-dollar reduction in the amount of tax owed for the 2009 tax year. IF YOU ARE PLANNING ON USING THE CREDIT, PLEASE CONTACT YOUR TAX PROFESSIONAL!

If you are an Oklahoma resident and file an Oklahoma income tax return, you receive an additional BONUS! As an Oklahoma taxpayer you also receive an Oklahoma Income Tax CREDIT equal to 50% of the purchase price of your vehicle. This is a separate credit from the above mentioned credit. As an example, if you purchase a new BM-48R for $13,000, you receive a federal tax credit of $6,496 and an Oklahoma income tax credit of $6,500. This results in a net cost to the purchaser of $4!!!! That is correct. You receive state and federal tax credits that result in basically a FREE street legal low speed vehicle! IF YOU ARE PLANNING ON USING THE CREDIT, PLEASE CONTACT YOUR TAX PROFESSIONAL!”

The key here is to: CONTACT YOUR (or a) TAX PROFESSIONAL before you proceed to KNOW the total implications of this type transaction. It could take multiple years to recoup the funds for the cost of the vehicle.

Hope this helps in your efforts! Hmmm.. maybe I need an “electric car” too.

Happy Electical Car Shopping..

Jay