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Panel approves modest, one-time state tax credit for new electric and hybrid vehicles
Summary
The committee approved Senate Bill 482, a one-time state income tax credit of $300 for new electric vehicles and $150 for new hybrids (limit two credits per taxpayer per year). DFA estimates the fiscal impact at roughly $336,000 in FY20 based on projected take-up.
The Senate Revenue & Tax Committee passed Senate Bill 482, which creates a one-time state income tax credit for the purchase of qualifying new vehicles — $300 for a new electric vehicle and $150 for a new hybrid, limited to two credits per taxpayer per year and available only to taxpayers with state income tax liability.
Sponsor Senator Bond said the credit is intended to…
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