My understanding is that the vehicle cost is your purchasing price or total leasing cost. Say, you monthly leasing payment is $250 for 24 month; your total leasing cost is $6000. ZEV tax credit is 20% of the vehicle cost ($6000 * 20%) $1200, not $5000.
The State of Georgia is offering the following tax credits:
1. Alternative Fuel Low-Emission Vehicle (LEV): the allowable credit is the lesser of
10% of the vehicle cost or $2,500 for the purchase or lease of a new low-emission
vehicle that is fueled solely by an alternative fuel.
2. Converted Vehicle: Lesser of 10% of the conversion cost or $2,500 tax credit for a
vehicle to be converted to run solely on an alternative fuel and meets the standards for
a low-emission vehicle.
3. Zero Emission Vehicle (ZEV): the lesser of 20% of the vehicle cost or $5,000 tax |
credit is allowed for the purchase or lease of a new zero emission vehicle provided the |
vehicle does not receive its electricity from an on-board combustion device. |
4. Electric Vehicle Charger: the lesser of 10% of the vehicle charger and installation cost
or $2,500 tax credit is allowed for the purchase and installation of qualified electric
vehicle charger. This tax credit applies only to non-retail business enterprises.
Electric vehicle chargers installed at homes do not qualify. |