Global Electric Motorcars (GEM) recently announced that GEM vehicles
…have been certified to the Internal Revenue Service (IRS) for the Qualified Plug-In Electric Drive Motor Vehicle Credit, part of the Emergency Economic Stabilization Act of 2008.
The credit is available for new vehicles purchased in 2009 and applies to models from 2007, 2008 or 2009. The tax credits by model are as follows:
GEM e2 – $3,751.00
GEM e4 – $3,751.00
GEM e6 – $3,751.00 (with 12-volt batteries)
GEM e6 – $5,002.00 (with 8-volt batteries)
GEM eS – $3,751.00
GEM eL – $3,751.00
GEM eL XD – $5,002.00
It appears that the GEM may also still be eligible for the separate LSV tax credit (10% of price up to $2,500). I will try to confirm this. Learn more: GEM
Comment: This is a major change in the market as the tax credit will cut the cost of the GEMs significantly, some models in half, for commercial customers looking for utility vehicles and for individuals looking purchasing for personal transportation. For the latter, the vehicles will now be on par or close to the cost of golf cars. It will be interesting to see if other LSV/NEV manufacturers become certified for the tax credit. Other manufacturers could be at a distinct disadvantage if they do not qualify for the tax credit as well. Originally LSVs qualified for the plug-in tax credit then they were excluded and given a separate tax credit. – Marc Cesare
