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ZAP Electric Truck And Van Qualify For Federal Tax Credit

SANTA ROSA, Calif., Sept. 7 /PRNewswire/ -- An electric truck and van produced by ZAP Jonway (OTC Bulletin Board: ZAAP) qualify for a ten percent federal tax credit, up to a maximum of $2,500.

(Photo: http://photos.prnewswire.com/prnh/20100907/SF60051)

(Photo: http://www.newscom.com/cgi-bin/prnh/20100907/SF60051)

(Logo: http://photos.prnewswire.com/prnh/20100708/SF32168LOGO-b)

(Logo: http://www.newscom.com/cgi-bin/prnh/20100708/SF32168LOGO-b)

The Internal Revenue Service (IRS) has determined that the ZAPTRUCK XL and ZAPVAN Shuttle qualify under the American Recovery and Reinvestment Act for a ten percent tax credit up to a maximum of $2,500, if purchased after February 17, 2009 and before January 1, 2012 under Internal Revenue Code Section 30.

"These tax credits make our ZAP electric trucks and vans even more affordable to operate," said ZAP CEO Steve Schneider. "Combined with lower fueling and maintenance costs, which can be a third of conventional cars, this can be a great incentive for our customers to integrate electric vehicle technology into their fleets."

ZAP's electric trucks and vans are ideal for fixed route deliveries, utility and material handling applications.  Recently ZAP sold a small fleet to the City of Riverside in California.  ZAP has also sold vehicles to the U.S. Government, Military, Fortune 500 companies, universities, municipalities and small business owners. ZAP fleet vehicles can achieve the equivalent of over 100 miles per gallon, at a cost of about two cents per mile, and are much more economical in price and fuel consumption than conventional vehicles.

Customers should consult with their tax advisor for guidance on their specific tax situation to determine to what extent they will benefit from this tax credit. The IRS has developed the Form 8834 Qualified Plug-In Electric Vehicle Credit, which will be required to file with the Federal Tax Return that covers the date the vehicle was purchased. A copy of the form is available at http://www.irs.gov/pub/irs-pdf/f8834.pdf.

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