GEM Electric Car Purchasers May Be Eligible for 10% Federal Tax Credit
Purchasers of global electric motorcars (GEM) may qualify for a 10 percent federal income tax credit for 2009, courtesy of the stimulus bill President Obama signed into law on Tuesday, Feb. 17, 2009.
According to the bill, formally known as the American Recovery and Reinvestment Act of 2009 (ARRA), GEM buyers, depending upon their individual circumstances, may qualify for the 10 percent federal tax credit, whether the cars are purchased for personal or business use, and therefore, may reduce the buyer's tax liability depending upon their specific tax situation. There are many details yet to be made known; however, customers are encouraged to view www.gemcar.com for updates.
Taxpayers need to talk to their personal tax advisors for guidance on their specific situations, and any tax benefit from the tax credit for a qualifying 2009 GEM purchase will not be finalized until their 2009 Federal Income Tax Return is processed. Per the ARRA 2009, the federal tax credit applies to purchases from Feb. 17, 2009 until Dec. 31, 2011, but Washington may legislate differently at any point.
With lifecycle costs about one-third of gas-powered vehicles, GEM cars are much more economical in price and fuel consumption. GEM vehicles also have many of the same safety features of traditional automobiles (such as three-point seat belts, automotive windshield safety glass, horn, mirrors and headlights), making them a safe and ideal choice for short-distance driving.
GEM 100 percent battery-electric vehicles produce zero tailpipe emissions. To date, GEM cars have been driven more than 300 million emission-free miles, and have saved over 15 million gallons of gas. They have also prevented over 180 tons of ozone-producing pollutants from reaching the air.