The Oklahoma Tax Commission has ruled that all GEM electric vehicle models are now eligible for the Qualified Electric Motor Vehicle Property Income Tax Credit. The October 7, 2009 qualification letter issued to Global Electric Motorcars validates the availability of the 50% of vehicle cost income tax credit for GEM car buyers.
Said Ryan Deatherage, co-owner of an authorized GEM dealership in Piedmont, Oklahoma. “This tax credit offers Oklahoma citizens the opportunity to buy a new GEM car at an extremely low cost by utilizing federal tax credits and a state tax credit that is by far the best in the nation. Oklahoma is clearly a leader in promoting clean driving.”
The Qualified Electric Motor Vehicle Property Income Tax Credit allows eligible Oklahoma residents to receive an income tax credit of 50% of the cost of a GEM electric vehicle. If purchased before December 31, 2009, residents could also be eligible for the Federal Emergency Economic Stabilization Act (EESA) Tax Credit making a new GEM car extremely affordable. The ESSA Federal Tax Credit is available on any new 2007, 2008, or 2009 model year GEM car purchased from January 1, 2009 through December 31, 2009. Credit amounts are as follows:
• $3,751 for the GEM e2, GEM e4, GEM e6 (12-volt battery system), GEM eS, and GEM eL.
• $5,002 for the GEM e6 (8-volt battery system) and GEM eL XD.
For example, a GEM e2 model retailing $7,395 may only cost $419 after the Oklahoma State Tax Credit and the ESSA Federal Tax Credit is applied. GEM electric vehicles are 100 percent battery-electric and emit zero tailpipe emissions. They have a top speed of 25 mph and a range of up to 30 miles on a charge.
Manufactured by Global Electric Motorcars, a wholly-owned subsidiary of Chrysler Group, LLC, GEM electric vehicles are the top selling Neighborhood Electric Vehicle (NEV) in the low-speed vehicle industry. More than 40,000 GEM cars have been on the road worldwide since 1998 and are considered the best in their class for short-distance, task-oriented driving.