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October 20th, 2009

Cash for…Golf Carts? It’s True



“Is that about the coolest thing you’ve ever heard?”
-Roger Gaddis of Ada Electric Cars

We have a feeling that not everyone is likely to agree with Mr. Gaddis.

As part of President Obama’s stimulus plan, Americans can receive a rebate for the purchase of an electronic vehicle. Luckily for golfers, this hefty tax credit includes golf carts (yes, golf carts):

The federal credit provides from $4,200 to $5,500 for the purchase of an electric vehicle, and when it is combined with similar incentive plans in many states the tax credits can pay for nearly the entire cost of a golf cart. Even in states that don’t have their own tax rebate plans, the federal credit is generous enough to pay for half or even two-thirds of the average sticker price of a cart, which is typically in the range of $8,000 to $10,000. “The purchase of some models could be absolutely free,” Roger Gaddis of Ada Electric Cars in Oklahoma said earlier this year.

The golf-cart boom has followed an IRS ruling that golf carts qualify for the electric-car credit as long as they are also road worthy. These qualifying golf carts are essentially the same as normal golf carts save for adding some safety features, such as side and rearview mirrors and three-point seat belts. They typically can go 15 to 25 miles per hour.

Making A Case for the Pet Tax Credit

For those readers who were against the tax credit for pets, this “Cash for Carts” incentive may make it harder for you to defend your position. Readers objected to the “pet credit” calling it goofy, stupid, and irresponsible. However, the overwhelming reader response was extremely positive.

Where do you rank this latest “Cash for” incentive — somewhere in between “completely nuts and insane”, or “sweet, I’ve always wanted to upgrade the golf cart”?

For more read:
Update1 A New Tax Deduction…For Pets?
Update1 Appliance Rebates Coming Soon
Well, That Didn’t Last Long

(hat tip: Fundmastery)

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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