Stimulus bill may contain 10% tax credit for Vectrix

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HarryS
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Stimulus bill may contain 10% tax credit for Vectrix

Just found this on the web.

http://online.wsj.com/article/SB123428903633569181.html?mod=googlenews_wsj

"The Senate bill includes a new 10% tax credit for electric motor scooters, such as those made by Middletown, R.I.-based Vectrix Corp., and 3-wheeled vehicles."

That would be a welcome step in the right direction, That's about $1000 per Vehicle sold getting the 2009 MSRP back down to the 2008 sticker price. I wish it had been $2500 and be retroactive.

Mercury821
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Re: Stimulus bill may contain 10% tax credit for Vectrix

Unfortunately the credit only takes affect starting in 2010. Which sucks, because I was really looking forward to taking advantage of the credit this year. According to the text of the bill:

(f) Credit for Certain Other Vehicles- For purposes of this section--

`(1) IN GENERAL- In the case of a specified vehicle, this section shall be applied with the following modifications:

`(A) For purposes of subsection (a)(1), in lieu of the applicable amount determined under subsection (a)(2), the applicable amount shall be 10 percent of so much of the cost of the specified vehicle as does not exceed $40,000.

`(B) Subsection (b) shall not apply and no specified vehicle shall be taken into account under subsection (b)(2).

`(C) In the case of a specified vehicle which is a 2-or 3-wheeled motor vehicle, subsection (c)(1) shall be applied by substituting `2.5 kilowatt hours' for `4 kilowatt hours'.

`(D) In the case of a specified vehicle which is a low-speed motor vehicle, subsection (c)(3) shall not apply.

`(2) SPECIFIED VEHICLE- For purposes of this subsection--

`(A) IN GENERAL- The term `specified vehicle' means--

`(i) any 2- or 3- wheeled motor vehicle, or

`(ii) any low-speed motor vehicle,

which is placed in service after December 31, 2009, and before January 1, 2012.

`(B) 2- OR 3-WHEELED MOTOR VEHICLE- The term `2- or 3-wheeled motor vehicle' means any vehicle--

`(i) which would be described in section 30(c)(2) except that it has 2 or 3 wheels,

`(ii) with motive power having a seat or saddle for the use of the rider and designed to travel on not more than 3 wheels in contact with the ground,

`(iii) which has an electric motor that produces in excess of 5-brake horsepower,

`(iv) which draws propulsion from 1 or more traction batteries, and

`(v) which has been certified to the Department of Transportation pursuant to section 567 of title 49, Code of Federal Regulations, as conforming to all applicable Federal motor vehicle safety standards in effect on the date of the manufacture of the vehicle.

`(C) LOW-SPEED MOTOR VEHICLE- The term `low-speed motor vehicle' means a motor vehicle (as defined in section 30(c)(2)) which--

`(i) is placed in service after December 31, 2009, and

`(ii) meets the requirements of section 571.500 of title 49, Code of Federal Regulations.'.

To read the entire article click here.

Note the "placed in service after December 31, 2009" ...

dshupp
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Re: Stimulus bill may contain 10% tax credit for Vectrix

I'm happy there's finally a tax credit, but it's too bad about the delay. It's probably because we're already getting a tax rebate this year.

David

kevin smith
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Re: Stimulus bill may contain 10% tax credit for Vectrix

you lucky so so soz. becouse when i started to electric scooters 6 years ago i juast missed the boat and could only afford .secondhand at the time
.also the dealers hyped up the prices as they said thatyou get a big rebate .. it was as my memory serves me correct £900 pounds /£1000 pounds rebate but that didn't last long.
kev.

Mercury821
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Re: Stimulus bill may contain 10% tax credit for Vectrix

I take back my previous comment -- the version of the stimulus bill signed into law does in fact have the 10% tax credit for plug-in electric vehicles, including the 2- and 3- wheeled variety. My previous quote came from a working version of the bill, the final version does not have the December 31, 2009 stipulation.

HarryS
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Re: Stimulus bill may contain 10% tax credit for Vectrix

So what is the effective date of the 10% tax credit? Is it the day the bill was signed? The credit on sales tach goes back to November 2008. Does anyone know?

Morrison
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Re: Stimulus bill may contain 10% tax credit for Vectrix

Vectrix just started a $750 rebate also. I got an email about it from the local Vectrix dealer.

That is good for customers, but it indicates also that Vectrix is not selling enough scooters. The fact that they feel they need to do a rebate is revealing about lousy sales levels.

Has anyone heard anything about their financials or the 2008 sales volume?
Any new investors putting money into the company? I doubt they are profitable yet, so I think new investment money will be required.

larrybic
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Re: Stimulus bill may contain 10% tax credit for Vectrix/others

Just read the bill and it DOES appear that the text credit is good for any vehicle over 2.5kwh purchased after the bill was signed at the amount of 10% the purchase price. It specifically INLCUDES two and three wheeled vehicles. Different rules apply to vehicles with battery caps over 4kwh (not 5 as in the previous version), there's a section for low-speed vehicles and a section for ev conversions! and the Dec 2009 date was an error corrected in the final bill with the wording "as of the date of enactment of this Act."

Here's how to find the details:
HR 1-212, part V, sec 1141-1143, specifically for this discussion: 1142, (a) and (c)
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf

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