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Discussion Starter #1
I just found out about the new federal income tax credit available for anyone who purchases a new (electric powered) golf cart by the end of this year...for this year, the credit is good for up to $5,335 (dollar for dollar reduction of fed. income taxes). I think the credit is available next year too, but the amount drops to $2600 or something like that.
After reading several articles about it online, I called a local golf cart dealership and he confirmed its true. The local dealership said they cheapest new golf cart that qualifies for the tax credit is $7300...after I get the $5300 tax credit, it will cost me a net price of only $2k. Sounds like a good deal to me. Heck, you could probably sell it for more than $2k, so there's a profit potential here.

Just curious if anyone on this forum has bought one of these new golf carts and plans to use the tax credit. What do you guys think?
 

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That will just drop your annual income by 5 grand so your really not gonna see that money back in your pocket, correct?
 

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Discussion Starter #3
No, the way it works is this.

1) You buy the golf cart in 2009 and pay full price ($7,300 for example), and
2) When you file your 2009 federal income tax return on April 15th, you claim the golf cart tax credit in the amount of $5,335 maximum (assuming you bought the right kind of golf cart). In other words, you pay the gov't $5,335 LESS taxes on April 15th.

So the "net" price you paid for the golf cart was $2,000.

Does that make sense?
 

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So what your saying is if I am getting back $10,000 and buy the golf cart I will be getting back $15335.00 Sweet. Too bad i don't need one....
 

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golf cart ......we don t need no stinkin golf cart ..........:lol:
 

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Discussion Starter #6
DB,
Yes, that is how it should work (if I understand it correctly). I'm trying to figure out if I should convince my wife that we "need" a golf cart to riding around the neighborhood (they are street legal in my state if the speed limit is under 35mph or less. The way i see it, I could turn around and sell it next year and possibly make a PROFIT if I sell it for more than $2k! :eek:

Pony,
lol
 

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I would check into that a little closer Mikey

Or everyone would be buying golf carts

I should would be pissed knowing that I was paying that kinda money (taxes) for everyone to get a sweet deal on a effing golf cart

bad enough when everywhere you go, you see grossly obese people riding around in scooters that we had to probably pay for (medicaid)
 

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Discussion Starter #8
Monkey,

I'm not thrilled either...this tax credit is obviously just another part of Gov't Waste. This credit is legit as far as I can tell. There was a Wall Street Journal article about it in mid-October. The IRS has approved certain golf carts that meet the requirements for this credit (the carts must be street legal, so they are slightly different than a normal golf cart). I just checked the IRS website and they have a list of approved golf carts (called "Neighborhood Electric Vehicles"). It all checks out to me.

30D. New Qualified Plug-in Electric Drive Motor Vehicles - J H Global Services, Inc.

The stimulus package that was passed a while back included this tax credit and they allocated $300M for this program! I'm not sure if the golf cart industry was lobbying for this or perhaps it was just a loop-hole that the golf cart industry discovered...this tax credit was probably aimed to encourage people to buy ELECTRIC CARS...not electric golf carts.
 

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ahhh, go green (electric), makes sense now, well it does if you work for the government and making a living off of us.
 
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