EV purchased as company car

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Damchi

Well-known member
Joined
Nov 10, 2012
Messages
72
Does anyone know if you can collect the $2,500 state and $7,500 federal money if the Rav4 EV was purchased by and for a business?
 
Damchi said:
Does anyone know if you can collect the $2,500 state and $7,500 federal money if the Rav4 EV was purchased by and for a business?

IRS Form 8936 $7500 tax credit (not applicable to retail end user of a leased vehicle... you must purchase)

http://www.irs.gov/pub/irs-pdf/f8396.pdf

- You are the owner of the vehicle. If the vehicle is leased,
only the lessor and not the lessee, is entitled to the credit;
- You placed the vehicle in service during your tax year;
- The original use of the vehicle began with you;
- You acquired the vehicle for use or to lease to others,
and not for resale; and
- You use the vehicle primarily in the United States.

Exception. If you are the seller (TOYOTA for example) of a qualified plug-in
electric drive motor vehicle to a tax-exempt organization,
governmental unit, or a foreign person or entity, and the
use of that vehicle is described in section 50(b)(3) or (4),
you can claim the credit, but only if you clearly disclose in
writing to the purchaser the amount of the tentative credit
allowable for the vehicle (from line 6 of Form 8936).

Line 5 of Form 8935
Enter the percentage of business/investment use.
Enter 100% if the vehicle is used solely for business
purposes
or you are claiming the credit as the seller of
the vehicle.

If the vehicle is used for both business purposes and
personal purposes, determine the percentage of business
use by dividing the number of miles the vehicle is driven
during the year for business purposes or for the
production of income (not to include any commuting
mileage) by the total number of miles the vehicle is driven
for all purposes. Treat vehicles used by your employees
as being used 100% for business/investment purposes
if
the value of personal use is included in the employees’
gross income, or the employees reimburse you for the
personal use.

********************************************


California $2500 Rebate Info
CVRP Remaining Funds FY 2012-2013 as of Dec 26, 2012 = $ 7,017,379

https://energycenter.org/index.php/incentive-programs/clean-vehicle-rebate-project/about-cvrp#eligibility

Applicant Requirements:

- Individuals, businesses, nonprofits or government entities based in California or that have a California based affiliate
- Purchasers or Lessees of New Zero-Emission Vehicles ( ZEV) or Plug-In Hybrid Electric Vehicles ( PHEV)
- Applicants must own or lease the vehicle for a minimum of 36 consecutive months*
- Vehicles must be registered with the California DMV for a minimum of 36 consecutive months


Vehicle Eligibility:

- New vehicles only
- Battery electric, plug-in hybrid electric, and fuel cell vehicles
- Vehicles must be purchased or leased on or after March 15, 2010
- Vehicles up to 8500lb in GVWR (cars, zero-emission motorcycles, and neighborhood electric vehicle)
- Only California ARB-certified or approved zero-emission or plug-in hybrid electric vehicles
 
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