Free Electric car

[sms-shop]

Free electric car

?i was just reading about your carts and the one that didn't get them in hand by December 31 09 might be out of luck... this is posted on the IRS web site

(1) Erroneous Certification or Quarterly Report. The acknowledgment that the Service provides for a certification is not a determination that a vehicle qualifies for the credit, or that the amount of the credit is correct. The Service may, upon examination (and after any appropriate consultation with the Department of Transportation or the Environmental Protection Agency), determine that the vehicle is not a new qualified plug-in electric drive motor vehicle or that the amount of the credit determined by the manufacturer (or, in the case of a foreign vehicle manufacturer, its domestic distributor) to be allowable with respect to the vehicle is incorrect. In either event, or in the event that the manufacturer (or, in the case of a foreign vehicle manufacturer, its domestic distributor) makes an erroneous quarterly report, the manufacturer’s (or, in the case of a foreign vehicle manufacturer, its domestic distributor’s) right to provide a certification to future purchasers of the new qualified plug-in electric drive motor vehicles will be withdrawn, and purchasers who acquire a vehicle after the date on which the Service publishes an announcement of the withdrawal may not rely on the certification. Purchasers may continue to rely on the certification for vehicles they acquired on or before the date on which the announcement of the withdrawal is published (including in cases in which the vehicle is not placed in service and the credit is not claimed until after that date), and the Service will not attempt to collect any understatement of tax liability attributable to such reliance. Manufacturers (or, in the case of foreign vehicle manufacturers, their domestic distributors) are reminded that an erroneous certification or an erroneous quarterly report may result in the imposition of penalties, including, but not limited to, the penalties:

[Big Willy]

That's what it always said, the consumer can rely on the certification as long as it was good at the time of purchase. Maybe you read something I'm missing?

[pansser]

taking delivery of it after the 31st, voids your tax rebate, it says that in everything i have read.this would be falsifying tax returns. BUT HEY, to each his/her own.

§ 30D New qualified plug-in electric drive motor vehicles. [effective for vehicles acquired after 12/31/2009]

30D(a)(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.

the IRS defines placed in service as: "ready and available for use"

[sms-shop]

read my next post..

[Big Willy]

Well your probably right and the 10000 or so plus folks that bought one or just sh!! Out of luck. Lots of em talked with tax advisors and the IRS, but hey, I guess there's always next year. Did you order one? When will you get it.? I bet your excited like the rest of us. Thanks for the chat, later.

[Big Willy]

SMS-Shop
that's on fine lookin ride on your moniker there.
Gas or elect? What kind of top end can you get on that,looks great!!

[krusty0001]

Hi Pansser. The IRS wording is a moving target for sure. But the passage you cited does not apply to 99% of the people on this message bd. We all "acquired" our vehicles prior to Dec31 2009. So you are probably wondering how we can acquire a vehicle w/o touching it? The IRS definition of acquired is "to obtain legal title in the state of purchase". To be IRS compliant, many of us rushed to our local DMV offices and titled the vehicle before Jan1, thereby meeting the final requirement of the credit. (some others argue the bill sale and MSO is legal title in AZ and therefore did not need to title the vehicle)

Originally Posted by pansser

taking delivery of it after the 31st, voids your tax rebate, it says that in everything i have read.this would be falsifying tax returns. BUT HEY, to each his/her own.

§ 30D New qualified plug-in electric drive motor vehicles. [effective for vehicles acquired after 12/31/2009]

30D(a)(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.

the IRS defines placed in service as: "ready and available for use"

[pansser]

with any luck the IRS will see it that way also. the current administration seems to disregard a lot of rules and laws so I ,for one, hope your right on this one.

[reganr]

See my post at this link:

http://www.fatwallet.com/forums/expi...110/?start=860

This is what was explained to me by my CPA.

[BlackCobra]

Not trying to fuel the fire, or start anything new, but I'm guessing most of us did some due-dilligence before pulling the trigger on these. I'm comfortable in my position.

And, logically, if you buy it in 2009, what difference does it make if you drive it then, or not? Just like other tax exemptions - if the transaction occurred in a certain year...