This is a RUSH transcript from "The O'Reilly Factor," February 9, 2010. This copy may not be in its final form and may be updated.
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BILL O'REILLY, HOST: In the "Stossel Matters" segment tonight: Our pal John found a loophole in the tax credit system and used it to get a brand-new, shiny golf cart worth about $6,500 bucks. We're not kidding. The feds sent Stossel a golf cart, and we paid for it.
Here now is that bunko artist, John Stossel. How did you pull this off? Let's start at the beginning. You saw what?
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JOHN STOSSEL, FOX BUSINESS ANCHOR: This wasn't hard. The dealers advertised it. They ran ads saying there's a big tax credit on golf carts. This one costs $8,000. We'll discount it $2,000. So, you pay $6,400 bucks. Sixty-four-hundred-dollar tax credit. It's totally free.
O'REILLY: Why do you get a tax credit to buy a golf cart?
STOSSEL: Because our bloated government subsidizes everybody. This is a Charles Rangel Bill to support electric vehicles, and...
O'REILLY: So electric vehicles, whether it's a car or a golf cart, you can take off on your taxes.
STOSSEL: It's a very complicated formula. You get $2,500 as a tax credit, plus $417 for each kilowatt hour of traction battery capacity in excess of four kilowatt hours, so forth. But for that cart it amounted to the full price.
O'REILLY: So you got $6,500 back on your taxes, which made that golf cart free?
STOSSEL: Totally free.
O'REILLY: And we paid for it, because that would be money the government would have that it no longer has, because it gave you, John Stossel, a free golf cart. Now, you know that now everybody at the Villages will be getting that golf cart for free. There will be thousands and thousands. But you're telling me that the feds, once you exposed them, and mocked them, and made them look small, they have stopped this?
STOSSEL: I won't take credit. The — the tax credit has expired.
O'REILLY: When did it expire?
STOSSEL: At the end of the year. If it would have been on your show it would have bankrupted the country.
O'REILLY: So 2009 was the last time you could do it?
O'REILLY: So you have a free golf cart. So the bottom line is that I paid for your dopey golf cart.
STOSSEL: I'm loaning it to Central Park Conservancy, so it's being…