Posts Tagged Oklahoma

Hawaii Hang 20 for Brammo?

I’ve never been to Hawaii, but I imagine it’s a perfect place for an EV like the Brammo Enertia.  It’s pretty small.  The weather’s great. And they have some great roads for riding on.  It’s also the next stop on the SIWIBABE list (States in which I’d buy a Brammo Enertia).

This month, Hawaii is scheduled to begin providing “rebates for Hawaii residents, businesses, State and County agencies, and nonprofit entities for the initial purchase of new, commercially available electric vehicles for use in Hawaii and for the purchase and installation of commercially available charging equipment in Hawaii.” See this page.

Oops.  Almost forgot the standard Brammofan Tax Advisor Disclaimer:

Disclaimer: Don’t get your tax or other financial advice from anyone whose online name ends in -fan.  This means: do your own homework on this purchase.  I’m just trying to get you to think.

The amount of the tax rebate (hey!  it’s a rebate, not a credit, so you’re getting a check, Dan-o) is “up to 20% of the vehicle purchase price, up to a maximum of $4500 per vehicle.”  I’m not sure why they put that first “up to” there… I see no other limiting information, but the official applications may include some fine print to mull over.

Let’s go to the numbers:

$7995 – retail price of the Brammo Enertia

-799 – Federal Tax Credit

-1599 – Hawaii Tax Rebate

——–

$5597

Not too shabby, Big Kahuna.  On the SIWIBABE list, that puts the Aloha State in between Illinois and Georgia:

Oklahoma: $4059

Colorado: $4225

Illinois: $4240

Hawaii: $5597

Georgia: $5696

California: $5834

Oregon: $6127.

Of course, there’s also the problem of getting a Brammo Enertia to the Big Island.  I am somewhat doubtful that Brammo’s $500 delivery fee for residents of states other than California and Oregon would apply, but it you’re one of the thousands of readers of Brammofan in Hawaii, and you’re ready to give it a shot, put down that pina colada and get busy: http://www.brammo.com.  Or, if you want to wait for the Empulse, at least get your preorder in.  The Empulse 10.0 would be:

13995

-1399 Fed cred

-2799 Hawaii rebate

—-

$9797

This information should be showing up soon over on empulsebuyer.com, as well, complete with his Total Cost of Ownership calculator.

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Colorado Brammo-fantasy – Revisited

Colorado has just approved the Brammo Enertia as eligible for the state’s Alternative Fuel Tax Credit.  Although it doesn’t show up yet on their online document as an approved vehicle, the State said in a recent email:

Thank you for all the information on your electric motorcycle. It appears to qualify for the Colorado Alternative fuel tax credit.  I show the incremental price difference to be $3,495.00 your vehicle would qualify under category 1 so would be entitled  to an 85% credit. $3,495x.85= $2,971.00 minus any federal tax credit available.

What does this mean in English (and with real numbers)?

It means that if you buy a Brammo Enertia in Colorado, you will initially hand over the retail price of the bike plus any sales tax (I think Colorado’s State Sales Tax is 2.9%, but I’m going to leave all the taxes out of these articles because different cities and counties have their own sales taxes, and, frankly, I’ve got better things to do than to chase down local tax rates.  Better things, like…um… Hey… do your own homework.)  Speaking of homework . . .

Disclaimer: Don’t get your tax or other financial advice from anyone whose online name ends in -fan.  This means: do your own homework on this purchase.  I’m just trying to get you to think.

Colorado by the numbers:

$7995 – Retail price of Brammo Enertia

-$799 – Federal Tax Credit

-$2971 – Colorado Tax Credit

____________________

$4225

Okay, so that’s not quite as good as the $2700 figure I came up with the first time I wrote about this issue, but that’s what you get for trusting the advice of a man who chose his profession because he couldn’t stand the sight of blood and because he didn’t “do” numbers.

Still, $4225 is nothing to sneeze at.

In the current tally of SIWIBABE (States in which I’d buy a Brammo Enertia) here’s the rundown:

Oklahoma: $4059

Colorado: $4225

Illinois: $4240

California: $5834

On some of these, I added things like a “delivery charge” and some fees here and there, but this is just for comparison purposes, anyway.  I’ve never considered moving to Oklahoma before, but given that my home state of Missouri offers exactly zilch in the area of alternative vehicle incentives, it might be worth at least making a friend with a Sooner.

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Oklahoma – Time to buy a Brammo Enertia

UPDATE: Looks like Oklahoma amended the statute and phased this out after July 2010.  Sorry, Okies.

 

We’ve talked about California and Colorado and the tax incentives that those states have for electric vehicles (including the Brammo Enertia electric motorcycle).  I know your next question:

What about Oklahoma?

Oklahoma.  Imagine riding an Enertia and actually being able to hear it when the wind comes right behind the rain.  Imagine being able to smell the waving wheat, which can sure smell sweet, at least when you aren’t overcome by the smell of burning fossil fuels.

Oklahoma, the state where, every night, your honey lamb and you can sit alone and talk about one of the best tax incentives for electric vehicles in the United States.

Disclaimer: Don’t get your tax or other financial advice from anyone whose online name ends in -fan.  This means: do your own homework on this purchase.  I’m just trying to get you to think.

Let’s start at the beginning:

Oklahoma Statutes Title 68, Section 2357.22 – “One-Time Credit Against Income Tax for Investments in Qualified Clean-Burning Motor Vehicle Fuel Property.”  With an alluring title like that, you know you’re in for a treat if you did a little deeper, right?  Here’s the basic language, followed by my translation:

For tax years beginning before January 1, 2015, there shall be allowed a one-time credit against the income tax imposed by Section 2355 of this title for investments in qualified clean-burning motor vehicle fuel property placed in service after December 31, 1990, and for investments in qualified electric motor vehicle property placed in service after December 31, 1995.

Translation: Buy a Brammo? Get a tax credit.  Oklahoma does not discriminate against motorcycles – the law says that a motor vehicle has to be “originally designed by the manufacturer to operate lawfully and principally on streets and highways.”

Question: How much is the credit?  Again, here’s the basic language, followed by my translation:

There shall be a one time credit allowed for . . . investments in qualified electric property. The credit shall be 50% of the cost of . . .  qualified electric motor vehicle property as defined in Title 68 O.S. Section 2357.22 and Rule 710:50-15-81.

Translation: Buy a Brammo? Get a $3997 tax credit (50% of the $7995 cost of the Brammo Enertia).

Question: How do I get this tax credit?  (Do I have to do everything for you?  Okay, here you go, but please keep it to yourself — if Ms. Brammofan finds out about this, she might make me do the taxes this year) When you are filling out your State Income Tax forms, you would grab the “Other Credits” form (Form 511CR) and fill in Line #3 with this number: 3997.  You will also need to attach a copy of the paid invoice for the vehicle.

Question: When do I get my check?  Okay, Einstein, you don’t really “get a check,” as this is not a rebate like you would get if you lived in California. Rather, it reduces the amount you would have to pay in Oklahoma State income tax.  So, for example, if you owed $10,000 in Oklahoma State Income taxes for 2010, then this tax credit would reduce your tax liability to $6003.00.  And, if you couldn’t use the tax credit all in one year because your income tax liability was less than $3997, the law allows you to use it over the course of three years.

Question: So, my final out of pocket cost on the Brammo Enertia in Oklahoma is $3997? No, it’s actually better than that.  You still get the Federal tax credit of 10 percent the cost of the bike: $799.  So. . .

7995 (Cost of Enertia) – 3997 (Oklahoma tax credit) – 799 (Federal tax credit) = 3199.

$3199

Before you celebrate by going to brammo.com/store ,  there are some other variables to consider: Brammo charges a shipping charge of “$500 or less” plus applicable taxes.  According to this chart, Oklahoma charges 4.5% on sales.  That would add about $360 to the initial out-of-pocket cost.  There may be other fees and taxes I don’t know about (like county and city taxes), but let’s assume you get the full $500 delivery charge plus the $360 sales tax.  That would bring the initial out of pocket to: 7995 + 500 + 360 = 8855.  Applying the tax credits to that amount (8855 – 3997 – 799) = 4059, which is still pretty awesome.

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