The government wants to get gas-powered cars off the street by giving such a big tax rebate on electric cars, that they are free. Demand is high -- www.FreeElectricCar.com is "selling" around 60 golf carts (or electric vehicles) a day.
The story was featured last week on CNN Anderson Cooper and on Fox Business with John Stossel and ABC News. Customers like the free and green aspect of the cars.
Here are the top 5 benefits to owning an electric car: "Hurry to cash in on one of the best opportunities yet for tax payers. You must purchase a qualified vehicle on or before December 31, 2009 to qualify for the tax rebate to get your free electric vehicle. This is even better than the cash for clunkers or the homebuyer's rebate," said Drive Electric CEO Colin Reilly who started www.freeelectriccar.com
With each electric vehicle purchased, the owner will receive a certified "Proof of Purchase" to document the date of purchase and a copy of the IRS Certification letter. Then they should use the new tax form 8936 to claim the credit. The vehicles can be purchased online and take approximately 4-6 weeks to be delivered. It is a tax credit which means a dollar for dollar reduction in taxes owed to the IRS. It is not an income deduction. For example, a 4 passenger vehicle at www.FreeElectricCar.com is on sale for $6,496. The tax credit is also $6,496 - making the vehicle free.
To meet the requirements are low emission and have seat belts, lights, turn signals and most safety items that are on a car. They travel 25mph and are street legal.
