GEM: Tax Credit Now Available for the Purchase of GEM Electric Vehicles
Global Electric Motorcars (GEM), a wholly owned subsidiary of Chrysler Group LLC, announced that all GEM battery-electric vehicle models have been certified to the Internal Revenue Service (IRS) for the Qualified Plug-In Electric Drive Motor Vehicle Credit, part of the Emergency Economic Stabilization Act of 2008. The tax credit marks another gain in promoting clean driving nationwide, a cause for which GEM has been a staunch advocate for over the past 11 years.
Aiming to grow the marketplace for efficient and environmentally-friendly vehicles, the tax credit is now available on any new 2007, 2008, or 2009 model year GEM car purchased from Jan. 1, 2009 through Dec. 31, 2009. Credit amounts are as follows:
- $3,751 for the GEM e2, GEM e4, GEM e6 (12-volt battery system) and GEM eS
- $5,002 for the GEM e6 (8-volt battery system) and GEM eL XD.
For example, a GEM e2 model retailing $7,395 may only cost $3,644 after the tax credit is applied.* The tax credit will provide potential GEM consumers with more accessible means of incorporating eco-friendly transportation solutions into daily life.
"The Qualified Plug-In Electric Drive Motor Vehicle Credit makes GEM cars more affordable for our customers," says Global Electric Motorcars President and Chief Operating Officer, Rick Kasper. "The tax credit, combined with a total ownership cost of one-third that of a full-function vehicle, gives our customers even more reason to use GEM cars for local driving."
The money consumers save on GEM cars through the tax credit is an added benefit to the long-term advantages of driving "green." With more than 40,000 GEM zero-emission vehicles on the road worldwide, GEM cars drive the equivalent of 150 miles per gallon, or two cents per mile, and are much more economical in price and fuel consumption than traditional cars. Regularly used for running errands, hauling equipment, or commuting to work and school, GEM cars are a safe, ideal choice for city driving.
GEM cars are also currently eligible for other federal, state, and local tax incentives. Customers should consult with their tax advisor for guidance on their specific tax situation to determine to what extent they will benefit from this tax credit. For more information regarding the Qualified Plug-In Electric Drive Motor Vehicle Credit or other available incentives for GEM cars, please visit http://www.gemcar.com/taxcredit.
*Excluding tax, title, license, and destination costs. Pricing may change at any time without notification. Please note that you should talk with your tax advisor for guidance regarding your specific tax situation and to determine to what extent (if any) you will benefit from this tax credit. This example reflects the highest possible Section 30D tax credit benefit for this particular model. Some taxpayers will not realize the maximum tax benefit.
U.S. Treasury Circular 230 Notice: Any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties that may be imposed under the Internal Revenue Code or by any other applicable tax authority; or (b) promoting, marketing or recommending to another party any tax-related matter addressed herein. We provide this disclosure to assure compliance with new standards of professional practice, pursuant to which certain tax advice must satisfy requirements as to form and substance.
For more information, to price your own GEM car or locate a local dealer please visit http://www.gemcar.com.