The Brammo Buying Experience > Taxes, Incentives, Advantages

Federal EV rebates for 2014

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Richard230:
I just had my taxes prepared by my accountant and according to him the EV rebate was rolled over by Congress last year and we can continue to receive the same IRS income tax rebate for an EV purchase during 2014 as in 2013.  That amounted to almost $2000 knocked off of my IRS income tax payment.    ;D  Plus, earlier this year I received a check from the CA EV rebaters for $900 and since they didn't file a 1099, this appears to be a non-taxable gift.    8)

You get this "credit" by filing IRS tax form 8936.

roma258:
Got excited but then looked at the form:

--- Quote ---The credit for qualified two- or three-wheeled plug-in
electric vehicles expired for vehicles acquired after 2013.
However, if you acquired the vehicle before 2014, but
placed it in service during 2014, you may still be able to
claim the credit for 2014. Do not report qualified two- or
three-wheeled plug-in electric vehicles acquired after
2013 on Form 8936 unless the credit is extended.
--- End quote ---
99.9% sure that the credit was not extended.

Richard230:
That version of form 8936, with those comments, has been around all year long.  In the IRS instructions about EV credits it says that it is up to Congress to renew the EV credit and to check the latest law to verify that this has occurred before using the form to apply for a credit.  I pointed out that comment on the form instructions and my tax preparer said that Congress did renew the EV credit when they passed this year's budget bill last year. I think it is quite possible that that did occur as the IRS has a tendency to update form 8936 each year around mid-February. 

(I have some experience with this issue as this is the fourth time I have applied for the credit over the past 5 years.  The form is always quite late in being revised for the tax year.)

I am pretty sure that if the EV credit was not approved for 2014 by Congress we would have heard about it in the news by now, considering how many EV's are being sold in the U.S.  Also, I note that I still hear adds for electric cars stating that you will get a Federal tax credit of up to $7500 when you buy their brand of EV this year.

In any case, it is too late now.  My tax return is off to the IRS with the rebate form attached.  So I guess I will find out for sure in a few weeks.  The worst that could happen is that I will get a bill for $2000 some day - after having the use of the government's money for free until then.    ;)

littlefreak3000:
How is the credit calculated for motorcycles? Is it percentage?

roma258:
Since I bought the bike so late in the year, I remember specifically checking into the EV credit. It was specifically excluded for motorcycles, which I remember thinking was bullshit at the time. But keep us in the loop, if it goes through, I guess it's worth a shot:

--- Quote ---As the House prepared to vote on a bill to extend dozens of tax credits for 2014, one missing credit raised eyebrows.

The omitted break for electric motorcycles would have benefited manufacturers like Brammo Inc., a company based in Ashland, Ore., the home state of Senate Finance Chairman Ron Wyden, CQ Roll Call’s Alan Ota reported (subscription).
--- End quote ---
http://blogs.rollcall.com/energy-xtra/camp-extenders-e-bike-omission-not-a-jab/

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