PRESS RELEASE

The Fairplay vehicle is now posted on www.irs.gov. You can find the information on qualified vehicles at this link: Plug In Electric Vehicles Web Page . Scroll down to the index of manufactures and click on Fairplay. You can also type Plug-In Electric Vehicles in the search box and this will be at the top of the results list. Plug-In Electric Vehicle Credit (IRC 30 and IRC 30D) . The link will take you to the same place.

On April 24, 2009, the IRS announced tax credits that could benefit taxpayers who purchase qualified Low Speed vehicles.

The EESA Credit. A credit of $2,500 to $7,500 for a four wheels vehicle that draws propulsion using a rechargeable battery with at least four kilowatt hours of capacity purchased in 2009. The actual credit is determined by the capacity of the battery and limited to range of credits listed above.

Calculation of the Fairplay Tax Credit on the EVE LSV is $4,234.72

Here are some FAQ’s;

Which cars qualify? All qualified LSV’s (aka NEV’s) such as the Fairplay EVE meet the Title 48 CFR, Chapter V, Part 571.500 Standard No. 500 specifications purchased in 2009.

Do Golf Cars Qualify? No. Only qualified LSV vehicles sold in the correct time period qualify.

What does the term certified mean? This term refers to the newest IRS guidelines wherein the manufacturer must apply for a certificate and receive notification of approval. A copy of the certificate will be provided by Fairplay to the EVE dealer, who in turn will give a copy to the end user to use when applying for the tax credit.

Can a taxpayer get both credits? No. The taxpayer can only get one credit on vehicles that qualify for both…obviously the higher credit would be the one to request.

Who will determine the credit? This is the same credit on the certification request submitted by Fairplay for the EVE LSV and will be listed on the official certificate.

Are multiple Credits available? Yes. The credits are available for each vehicle. The limitations will be based on the customer’s ability to use all the credits based on their income. Taxpayers should seek advice and council of reliable tax consultants or accounts.

How long is the $4,234.72 credit in effect? With cars sold by December 31, 2009

What forms to use for consumers to claim for the tax credits? The most recent notice published on IRS web site indicates the July 2009 version of form 8834 will be used for ARRA credit, and a new form 8936, named as Qualified Plug-in Electric Drive Motor Vehicle Credit, will be used for EESA credit.

How does the tax credit work? These are a tax credit, which means a dollar for dollar reduction of the amount the taxpayer owes to the IRS in 2009. Customers who plan to use the tax incentive should seek tax advice in advance of the purchase to be certain this deduction will work for them.

These new incentives from the federal government will help sell Fairplay EVE LSV’s. We could see a rush on the LSV market which will stress the limited supply. You should consider contacting your Fairplay representative today to tie up your certified LSV supply as quickly as possible to fill demand the rest of 2009. For a summary of the release from the IRS, click here.

Oct 19th 2009:
Special Sales Tax Deduction for Car Purchases Available through End of 2009

Purchases made before Jan. 1, 2010, will qualify for this deduction under the American Recovery & Reinvestment Act of 2009 (ARRA). The deduction is limited to the sales and excise taxes and similar fees paid on up to $49,500 of the purchase price of a new vehicle. The deduction is reduced for joint filers with modified adjusted gross incomes (MAGI) between $250,000 and $260,000 and other taxpayers with MAGI between $125,000 and $135,000. Taxpayers with higher incomes do not qualify....read more

To find out more on the tax code, contact your accountant or tax attorney on how to use this new tax incentive to grow your business and market your way to success.

For more information on becoming an EVE LSV dealer contact your Fairplay Sales Representative at 970-257-0346 today!

Learn about the new car tax incentive here