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Oklahoma State Tax Credit
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Oklahoma Residents: Your New GEM Car Purchase May Qualify for the Oklahoma Qualified Electric Motor Vehicle Property Income Tax Credit!
The Oklahoma State Tax Commission allows GEM battery-electric vehicles purchased before January 1, 2015 to be eligible for a state tax credit under Section 2357.22 Title 68 of the Oklahoma Statues.
This tax credit is available for Low-Speed Vehicles (LSVs), such as GEM battery-electric vehicles and can be combined with federal tax incentives, such as the ARRA tax credit.
Please note that you should talk with your tax advisor for guidance regarding your specific tax situation and to determine to what extent you will benefit from this tax credit.
What GEM car models qualify for the Oklahoma State Tax Credit?
The tax credit is available on all GEM car models if they meet the following criteria:
1. The GEM cars must be purchased or leased on or before January 1, 2015.
2. The GEM cars are considered new or unused.
3. The GEM cars are purchased for your use and not for resale.
4. The GEM cars are used predominately in the state of Oklahoma.
How much can I save on the purchase of a GEM car through the Oklahoma State Tax Credit?
The Oklahoma State Tax Credit offers 50% of the buyer's cost.
What paperwork do I need to complete to receive the Oklahoma State Tax Credit?
Complete the Oklahoma Tax Form 511CR. Click here to download the form.
Where can I go to find more information on the Oklahoma State Tax Credit?
Click on one of the following links for additional information:
U.S. Department of Energy Web Site
Oklahoma Tax Commission Certification Letter for the GEM Line of Vehicles
For more information on this tax credit, please contact your nearest authorized Oklahoma GEM dealership or e-mail us at customer@gemcar.com.
U.S. Treasury Circular 230 Notice: Any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties that may be imposed under the Internal Revenue Code or by any other applicable tax authority; or (b) promoting, marketing or recommending to another party any tax-related matter addressed herein. We provide this disclosure to assure compliance with new standards of professional practice, pursuant to which certain tax advice must satisfy requirements as to form and substance.
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