LSV Frequently Asked Tax Questions

Q: Does the MTV by Bad Boy Mowers LSV qualify for a tax credit in 2010? 
A: Yes.  The MTV by Bad Boy Mowers qualifies for a 10% tax credit.  It will be applied in the same way the 2009 tax credit was to certified LSV's.

Q: How do I know if I qualify for the tax credit?
A: Anyone who has a tax liability.  Your tax liability is noted on your tax return.  In the 2009 Form 1040 it is line 60.  In the 2009 Form 1040 A it is line 37.  In form 1040 EZ it is line 11.  This changes from year to year but in most cases it will state “This is your total tax.”  If the amount on the “Total Tax” line is $5669.20 or greater then you will get the full credit.  For example, if you owe a Federal tax of $5700.00 and you purchase a Bad Boy LSV you would still owe $30.80 in Federal tax.  It is only available if a tax payer has a tax liability.  For example, if you have paid in $10,000.00 throughout the tax year and you have a tax liability of $9,000.00 you will get $1,000.00 plus $5,669.20.  The tax form needed for LSV’s purchased in 2009 is form 8936. This is not refundable. If your tax liability is zero on the above stated tax forms, you will not get money back. 

Q:  Does the Bad Boy LSV qualify for the Federal Tax Credit?
A:  Yes.  The Bad Boy LSV qualifies for a $5669.20 tax credit.
 
Q:  What is the tax credit for?
A:  Due to high fuel prices, the Federal Government passed the HR6049 Energy Improvement & Extension Act of 2008 which later led to the American Recovery and Reinvestment Act of 2009.  These acts were created to spur the growth and expansion of alternative powered vehicles.  Some states like Oklahoma are offering a 50% dollar for dollar below the line state income tax credit(Oklahoma statute 68-2357.22).  The credit(s) are ONLY available on certified LSV’s.

Q:  What is an LSV?
A:  LSV stands for Low Speed Vehicles that can be operated on public roads that are posted at 35mph or less.  LSV’s meet standards that are explained in 49CFR Part 571.  Some states require additional safety equipment. 

Q:  How do I know if I qualify for the tax credit?
A:  Anyone who has a tax liability.  For example, if you owe a Federal tax of $5700.00 and you purchase a Bad Boy LSV you would still owe $30.80 in Federal tax.  This is not refundable.  It is only available if a tax payer has a tax liability.  For example, if you have paid in $10,000.00 throughout the tax year and you have a tax liability of $9,000.00 you will get $1,000.00 plus $5,669.20.  The tax form needed for LSV’s purchased in 2009 is form 8936

Q:  What is the Kilowatt hour of battery capacity?
A:  11.6 Kilowatt hours.

Q:  When does this credit expire?
A:  The credit expires December 31, 2009 and must be “acquired” by that date. 

Q:  Do I have to tag the vehicle?
A:  This tax credit is only for vehicles driven on the street.  If you intend on taking the tax credit, the vehicle needs to be tagged before December 31, 2009.

DISCLAIMER - The information on this page should not be viewed as an official or legally binding document(s). Other requirements or exceptions may apply. For more detailed information, please consult your state and a qualified tax representative and/or official Tax Commission publications