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ARRA Tax Credit
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Save 10%: Receive the ARRA Tax Credit on Your New GEM Car!
Tax Credit Ends December 31, 2011.
The American Recovery and Reinvestment Act of 2009 (ARRA) allows new GEM battery-electric vehicles purchased after February 17, 2009 and before January 1, 2012 to be eligible for the Qualified Plug-In Electric Vehicle Credit under Internal Revenue Code Section 30.
This tax credit is available for Low-Speed Vehicles (LSVs), such as GEM battery-electric vehicles, and the 2010 GEM vehicle certification is currently being reviewed by the IRS.
Please note that you should talk with your tax advisor for guidance regarding your specific tax situation and to determine to what extent you will benefit from this tax credit.
What GEM car models qualify for the ARRA tax credit?
The tax credit is available on all GEM car models if they meet the following criteria:
1. The GEM cars must be purchased or leased after February 17, 2009 and on or before December 31, 2011
2. The GEM cars are considered new or unused
3. The GEM cars are purchased for your use and not for resale
4. The GEM cars are used predominately in the United States
How much can I save on the purchase of a GEM car through the ARRA tax credit?
The ARRA tax credit offers 10% of the buyer's cost with a maximum credit of $2,500.
What paperwork do I need to complete to receive the ARRA tax credit?
The IRS has developed the Form 8834 Qualified Plug-In Electric Vehicle Credit which will need to be included in your Federal Tax Return that covers the date you purchased the associated GEM car. Click here to download the form.
Where can I go to find more information on the ARRA tax credit?
For more information on this tax credit, please contact your nearest authorized GEM dealership or e-mail us at customer@gemcar.com.
Be sure to also visit the IRS web site for additional details!
Please note: The ARRA tax credit can not be used in conjunction with any other Federal Tax Credit during the 2009 or 2010 calendar year!
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.
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