Fargo, ND (Vocus) October 20, 2009
The Oklahoma Tax Commission has notified Global Electric Motorcars that all GEM electric vehicle models are now eligible for the Qualified Electric Motor Vehicle Property Income Tax Credit. The October 7, 2009 qualification letter (posted at http://www.gemcar.com ) issued to Global Electric Motorcars validates the availability of the 50% of vehicle cost income tax credit for GEM car buyers.
"Now is an exciting time to be in Oklahoma," said Ryan Deatherage, co-owner of Amp Control Inc., an authorized GEM dealership in Piedmont, Oklahoma. "This tax credit offers Oklahoma citizens the opportunity to buy a new GEM car at an extremely low cost by utilizing federal tax credits and a state tax credit that is by far the best in the nation. Oklahoma is clearly a leader in promoting clean driving."
Combined Benefit of Oklahoma State Tax Credit and Federal Tax Credit Ends December 31, 2009
The Qualified Electric Motor Vehicle Property Income Tax Credit allows eligible Oklahoma residents to receive an income tax credit of 50% of the cost of a GEM electric vehicle. If purchased before December 31, 2009, residents could also be eligible for the Federal Emergency Economic Stabilization Act (EESA) Tax Credit making a new GEM car extremely affordable. The ESSA Federal Tax Credit is available on any new 2007, 2008, or 2009 model year GEM car purchased from January 1, 2009 through December 31, 2009. Credit amounts are as follows:
- $3,751 for the GEM e2, GEM e4, GEM e6 (12-volt battery system), GEM eS, and GEM eL.
- $5,002 for the GEM e6 (8-volt battery system) and GEM eL XD.
For example, a GEM e2 model retailing $7,395 may only cost $419 after the Oklahoma State Tax Credit and the ESSA Federal Tax Credit is applied (1). Customers should consult with their tax advisor for guidance on their specific tax situation and to determine to what extent, if any, they will benefit from the tax credits.
Many Models in Stock--Take One for a Test Drive:
With six models and a large assortment of options, Deatherage believes that having the GEM line of vehicles on his showroom floor in the state will make it much easier for Oklahomans to see for themselves what makes the cars the most popular in the country. "They can take one for a test drive, get a close-up look at the unique curved, open design, and explore the unmatched number of options and accessories that allow owners to customize their vehicles for a wide array of uses." GEM cars are also unique in that they have been tested on the same proving grounds as major automobile manufacturers by top automotive engineers, and are fully assembled in America.
GEM Cars are Energy Efficient and Economical:
GEM electric vehicles are 100 percent battery-electric and emit zero tailpipe emissions. They have a top speed of 25 mph and a range of up to 30 miles on a charge making them a fun and economical way to run errands, drive to work or school, haul equipment, or transport people around work facilities. GEM cars cost approximately two cents per mile to operate and can be plugged into a standard 110-volt outlet to recharge.
Manufactured by Global Electric Motorcars, a wholly-owned subsidiary of Chrysler Group, LLC, GEM electric vehicles are the top selling Neighborhood Electric Vehicle (NEV) in the low-speed vehicle industry. More than 40,000 GEM cars have been on the road worldwide since 1998 and are considered the best in their class for short-distance, task-oriented driving.
For more information on the GEM line of vehicles, to learn more about the available tax credits, or to locate your nearest authorized GEM dealership, visit http://www.gemcar.com or call 1-888-871-4367.
(1) Excluding tax, title, and license costs. Pricing may change at any time without notification. Please note that you should talk with your tax advisor for guidance regarding your specific tax situation and to determine to what extent (if any) you will benefit from this tax credit. This example reflects the highest possible Oklahoma and Section 30D federal tax credit benefit for this particular model. Some taxpayers will not realize the maximum tax benefit. U.S. Treasury Circular 230 Notice: Any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties that may be imposed under the Internal Revenue Code or by any other applicable tax authority; or (b) promoting, marketing or recommending to another party any tax-related matter addressed herein. We provide this disclosure to assure compliance with new standards of professional practice, pursuant to which certain tax advice must satisfy requirements as to form and substance.
About Global Electric Motorcars:
As a wholly owned subsidiary of Chrysler Group LLC, Global Electric Motorcars has been the market leader in the low-speed, Neighborhood Electric Vehicle (NEV) industry for the past 12 years and has more than 40,000 GEM battery-electric vehicles on the road worldwide. GEM cars are used by local, state and national government agencies, resorts, master-planned communities, universities, medical and corporate campuses, as well as by sports teams, taxi-shuttle services and individual consumers.
The six GEM passenger and utility models are legal on most streets with posted speeds of 35 mph or less and have many of the same features of regular cars, but are much more economical in price and fuel consumption. GEM cars are eligible for incentives and tax credits from clean-air districts and other governmental agencies.
To date, GEM cars have driven more than 350 million emission-free miles and have saved more than 16 million gallons of gasoline. They also have prevented more than 180 ton of ozone-depleting pollutants from reaching the air.
For more information, visit http://www.gemcar.com or contact Tamara Johnson at tjohnson (at) gemcar (dot) com or call Global Electric Motorcars at 1-888-871-4367.
Global Electric Motorcars