The Credit for Investment in Qualified Electric Motor Vehicle Property is worth 50 percent of the price of the vehicle. You can claim it by filing Form 567-B.
The credit, however, has not been without controversy.
Sooner State tax officials say that under the tax credit law, "the term 'qualified electric motor vehicle property' shall not apply to vehicles known as 'golf carts,' 'go-carts' and other motor vehicles which are manufactured principally for use off the streets and highways."
But some consumers raised questions about exactly which vehicles qualified for the credit and took the matter to court. The Oklahoma Supreme Court ruled last December in favor of the Oklahoma Tax Commission (OTC).
Now taxpayers must rely on the OTC's decisions regarding credit eligibility of vehicles. So far the state has issued letter rulings for 23 companies that produce multiple models of electric vehicles.
Despite the legal setback, taxpayers still have a choice, although it's not an ideal one.
"If a car is not on the eligibility list and an Oklahoma taxpayer does
feel like it should be eligible, they can put it on their tax return," said
Paula Ross, OTC communications director following the Supreme Court ruling. "If we deny it, Oklahoma taxpayers will have a remedy to
Tax trip around the United States: This is
the second in our new series highlighting tax
information from the 50 U.S. states and our nation's capital.
The State Tax Departments page provides links to
official state and District of Columbia revenue Web sites so that you
can find out more about your home's tax laws and filing requirements. You also can check out info on other locales
in our Complete
menu of tasty state tax tidbits.
As the 2010 tax season progresses, a different state will be featured each day as noted in Don't forget your state taxes! Check back to see what tax tidbit we share about your home state!Related posts:
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