How does the tax credit work?
As of January 1, 2006, an investment tax credit for utilizing solar went into effect. IRS form 3468 line 2b allows for a 30% tax credit for investing in solar. The solar panel and the batteries are all part of a solar system on the vehicle. http://www.irs.gov/pub/irs-pdf/f3468.pdf Also, some states will allow additional tax credits and sales tax exemptions such as California, Arizona, and Florida. Please check with you local state. If you have an EIN # and chose to write off your cart as a lease or purchase over 5 year period, you will achieve up to 155% of you investment back. If you chose to take the deduction at the end of the first year, you will receive a one time credit of 30%. Your state incentives may increase this amount. In addition you will be able to write off approximately $325.00 per year for you battery system. Check with your local CPA for exact deductions and/or credits. An individual will receive the 30% first year credit and the yearly battery system tax advantages.
