Virginia Proposes $3,500 Tax Credit For Electric Cars
Electric cars in Virginia could become up to 10% more affordable this year if bill HB469 with new tax credits passes into law.
On Wednesday, January 10, Virginia General Assembly will decide whether or not to introduce a tax credit for purchase or lease electric car.
10% of the price, up to $3,500, will to be available if passed (with three years of eligibility).
“Electric vehicle tax credit. Establishes for taxable years beginning on and after January 1, 2018, a tax credit in the amount of 10 percent of the purchase or lease price of an electric vehicle. The bill defines “electric vehicle” and provides that the credit is nonrefundable, may be carried forward for three years, and shall not exceed $3,500 per taxpayer. The bill requires the Department of Taxation to cease issuing tax credits for electric vehicles when 20 percent of vehicles registered in Virginia are electric or in taxable year 2023, whichever is sooner.” – bill HB469
Source: Plug In Sites