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Free electric cars?
Residents who buy electric cars may be able to get their money refunded to them in the form of tax credits.
According to Roger Gaddis, who co-owns Ada Electric Cars along with wife Leigh and friends Jerry and Linda Rising, some may be able to get the entire purchase price returned to them.
“If you are a state and federal taxpayer, the purchase of some models could become absolutely free, after both credits apply,” Gaddis said. “Everyone who pays taxes should own one!”
The Oklahoma Tax Commission (OTC) was previously offering a 50 percent tax credit for qualifying vehicles to those who pay state tax.
“Now that’s not a deduction,” Gaddis said. “That’s a tax credit, which means you get back dollar for dollar for taxpayers. They can get back half of their money as a tax credit.”
In response to an inquiry by Gaddis in 2008, the OTC informed him the vehicles he sells qualify for the 50 percent credit because they are street legal and are primarily designed for use on streets and highways and are not golf carts or go carts.
“Because of the TARP (Troubled Asset Relief Program) and the Stimulus Bills that have passed this year, we just got the final interpretation from the engineers and the tax attorneys from the manufacturer we work with, the federal government has in play now, a tax credit that ranges anywhere from $4,100 per unit up to $5,300 per unit.”
Gaddis said one of their favorite vehicles sells for $8,000.
“The state credit is 50 percent — that’s 4,000 bucks,” Gaddis said. “The federal credit on that particular car is $4,400, which makes the car free. Is that about the coolest thing you’ve ever heard?”
Gaddis cautions there may be some who will not qualify such as those who don’t pay taxes and alternative minimum taxpayers (AMT).
“If a person is an alternative minimum taxpayer, if you basically have so many deductions and credits that you’re paying less tax than you deserve to anyway then the credits get watered down a little bit,” Gaddis said.
Like gasoline vehicles, the electric cars can be tagged and insured. They are street legal wherever the speed limit is 35 miles -per-hour or less.
“The vehicles can travel up to 30 miles per charge, and use no gasoline,” Gaddis said.
The vehicles run on batteries and have an on-board charger which plugs into any 110 volt outlet. Gaddis was very surprised to find these credits.
“We fell into this sliver where the federal government is wanting to support the idea of energy efficiency, things going green, less dependency on oil and fuels and they’re trying to subsidize helping people to convert over to wind energy, solar energy and in this case , electric cars,” Gaddis said. “Our vehicles are up the scale far enough that they qualify for the credits, but they’re down the scale far enough that they’re inexpensive enough where the credits will actually fully cover.
Ada Electric Cars recently moved from north Broadway to 901 Arlington. More information about the electric cars is available at www.adaelectriccars.com
According to Roger Gaddis, who co-owns Ada Electric Cars along with wife Leigh and friends Jerry and Linda Rising, some may be able to get the entire purchase price returned to them.
“If you are a state and federal taxpayer, the purchase of some models could become absolutely free, after both credits apply,” Gaddis said. “Everyone who pays taxes should own one!”
The Oklahoma Tax Commission (OTC) was previously offering a 50 percent tax credit for qualifying vehicles to those who pay state tax.
“Now that’s not a deduction,” Gaddis said. “That’s a tax credit, which means you get back dollar for dollar for taxpayers. They can get back half of their money as a tax credit.”
In response to an inquiry by Gaddis in 2008, the OTC informed him the vehicles he sells qualify for the 50 percent credit because they are street legal and are primarily designed for use on streets and highways and are not golf carts or go carts.
“Because of the TARP (Troubled Asset Relief Program) and the Stimulus Bills that have passed this year, we just got the final interpretation from the engineers and the tax attorneys from the manufacturer we work with, the federal government has in play now, a tax credit that ranges anywhere from $4,100 per unit up to $5,300 per unit.”
Gaddis said one of their favorite vehicles sells for $8,000.
“The state credit is 50 percent — that’s 4,000 bucks,” Gaddis said. “The federal credit on that particular car is $4,400, which makes the car free. Is that about the coolest thing you’ve ever heard?”
Gaddis cautions there may be some who will not qualify such as those who don’t pay taxes and alternative minimum taxpayers (AMT).
“If a person is an alternative minimum taxpayer, if you basically have so many deductions and credits that you’re paying less tax than you deserve to anyway then the credits get watered down a little bit,” Gaddis said.
Like gasoline vehicles, the electric cars can be tagged and insured. They are street legal wherever the speed limit is 35 miles -per-hour or less.
“The vehicles can travel up to 30 miles per charge, and use no gasoline,” Gaddis said.
The vehicles run on batteries and have an on-board charger which plugs into any 110 volt outlet. Gaddis was very surprised to find these credits.
“We fell into this sliver where the federal government is wanting to support the idea of energy efficiency, things going green, less dependency on oil and fuels and they’re trying to subsidize helping people to convert over to wind energy, solar energy and in this case , electric cars,” Gaddis said. “Our vehicles are up the scale far enough that they qualify for the credits, but they’re down the scale far enough that they’re inexpensive enough where the credits will actually fully cover.
Ada Electric Cars recently moved from north Broadway to 901 Arlington. More information about the electric cars is available at www.adaelectriccars.com
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