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Bag Boy Buggies Certification Letter
XT Street Legal Buggies
We have some of the XT street legal buggies that will
qualify for the federal tax credit. $1500 deposit being
taken now. Get in line! Most dealers are sold out
and I only have a few left that will deliver in time to
qualify. Take advantage of the federal tax credit. I
have listed FAQs below.
Q: What is
the tax credit for?
A:
Due to high gas prices and the increasing pressure to
develop energy efficient vehicles certain states
including Oklahoma passed the 50% dollar for dollar,
below the line state income tax credit (Oklahoma stature
68-2357.22). In September 2008 the federal government
passed the HR6049 Energy Improvement & Extension Act of
2008 which made available the tax credits available for
alternative powered vehicles. This later led to the
American Recovery and Reinvestment Act of 2009 on
February 17, 2009. When the HR6049 came about last
year, all of the LSV manufacturers expected to take
advantage of the kilowatt-hour based credit beginning
January 1st, 2009, however when 2009 rolled around they
did not have clarification as to whether HR604 applied
to LSV’s or just electric vehicles. The reason the
LSV’s were later included into HR6049 was possibly due
to the fact that there were not really any full speed
Electric Vehicles in production at that time. Just
recently on June 29th the IRS issued the interim
guidance that indicated the LSV’s will fall under The
American Recovery & Reinvestment Act and therefore
become included in another IRS tax code section.
Q: What is a
Low Speed Vehicle
A:
LSV is a classification regarding vehicles that operated
on public road that are posted at 35 or less MPH. These
vehicles can cross roads of 45 MPH. The vehicles have
specific requirements including a minimum obtainable
speed of 20 MPH and maximum of 25 MPH. Other
requirements can vary by state but all LSV vehicles must
be equipped with lights, blinkers, brake lights, hazard
lights, horn, rear view mirror, DOT approved seat belts
and windshield. l
Q:
Qualification for Tax Credit
A:
There is no qualification other than you need to verify
that you have the tax liability to take advantage of the
tax credit. You must owe equal to or more than the
amount of the tax credit to get the full value of this
credit. If you have a tax liability less that the
credit the LSV qualifies for then that is the maximum
you can deduct from your tax liability.
Q: Is this
a tax credit or deduction?
A:
This is a dollar for dollar, below the line tax credit
meaning it credits out your liability, after you
determine what that liability is.
Q: How long
do I have to take the credits?
A:
The federal tax credit must be taken in 2009. Check
with your state for information if your state has a tax
credit.
Q: Do I have
to tag the vehicle to be eligible for the tax credit?
A:
In general LSV’s are not required to be tagged. However
a person is required to pay tax whether sales or excise
tax. Check with your local and state officials for
instructions if this is required.
Q: Should I
insure my NSV?
A:
Yes, insure it as an ATV with a comp/collision writer
included.
Q: How do I
purchase a BAD BOY LSV?
A:
The biggest hurdle will be the availability of BAD BOY
LSV’s. At this time we feel the vehicle must be paid
for and you must take possession by December 31st, 2009.
We feel that the manufacturing capacity to produce
vehicles will be expended well before that date.
Therefore we strongly recommend putting down a deposit
now to ensure you have a vehicle before new orders are
no longer accepted.
Bag Boy Buggies Certification Letter
Federal Tax Related Information
http://www.irs.gov/irb/2009-26_IRB/ar07.html
http://www.irs.gov/irb/2009-26_IRB/ar07.html
http://www.h2osportsunlimited.com/RNT/HR6049.pdf
http://www.h2osportsunlimited.com/RNT/depreciation-09.pdf
Oklahoma Tax Related Information
http://www.afdc.energy.gov/afdc/progs/view_ind.php/OK/5950
http://www.tax.ok.gov/oktax/forms98/98511cr.pdf
LSV Related Information
http://www.h2osportsunlimited.com/RNT/LSV_Rules_and_Regulations.pdf
http://www.nhtsa.dot.gov/cars/rules/rulings/lsv/lsv.html
Call Now! (214)
340-7100
Dallas/Fort Worth Authorized
Dealer
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