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2018 SESSION

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HB 469 Electric vehicle; establishes tax credit on purchase or lease price.

Introduced by: David A. Reid | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.


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