HF 304: Creating a used electric vehicle tax credit available against the individual and corporate income taxes, and including applicability provisions

What it does

This bill creates a used electric vehicle tax credit available against the individual and corporate income taxes.116 (battery electric and plug-in hybrid electric motor vehicle fees), upon the purchase of a used electric vehicle, may claim a tax credit in an amount equal to $500.116. Any credit in excess of the taxpayer’s liability for the tax year is not refundable but may be credited to the tax liability for the following five years or until depleted, whichever is earlier. A taxpayer claiming the tax credit shall provide documentation supporting the tax credit claim in a form and manner prescribed by the department of revenue.

Lobbying · 2 for, 0 against

For: Iowa Chapter of Sierra Club; Iowa Environmental Council

In plain words

1. February 15, 2023Filed in the House and sent to the Ways and Means committee