Bills › 90th General Assembly
Creating a used electric vehicle tax credit available against the individual and corporate income taxes, and including applicability provisions
Where it is now
- Done: IntroducedFebruary 15, 2023
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary People who buy a used electric vehicle can get a $500 tax credit to help lower their income taxes. If the credit is more than what they owe in taxes for the year, they can use the leftover amount over the next five years. To get this credit, buyers must provide proof of their purchase to the Department of Revenue.1
Read the official explanation
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. A tax credit issued under the bill is not transferable to any person. The bill applies to used electric vehicles purchased on or after January 1, 2024, for tax years occurring on or after that date.