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Wednesday, October 2, 2013

Incentives Watch: States Offer Incentives to Encourage Taxpayers to “Plug-In” to Electric Vehicles

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National Plug-In Day occurred on September 29th this year.  The annual event is designed to encourage the use of electric cars, as well as plug-in hybrid vehicles, by drivers across the country.

As part of the celebration, California Governor Jerry Brown signed six different pieces of legislation that offer various incentives to owners of electric vehicles.  One bill, S.B. 454, makes charging stations easier to locate and makes them available to all electric vehicle drivers.

As the use of electric vehicles rises, some places like Palo Alto, California, are considering requiring all new homes to be wired for electric vehicle charging stations, reports ABC News.  Palo Alto also happens to be the home of Tesla Motors, which manufactures electric vehicles.

Colorado amended its innovative motor vehicle tax credit earlier this year to clarify that the credit is allowed for vehicles such as the Chevrolet Volt and the Toyota Prius plug-in vehicles, notes a Bloomberg BNA Weekly State Tax Report article.

However, starting in tax year 2014, the credit cap for motor vehicles converted to plug-in hybrid electric is decreased from $7,500 to $6,000.


In addition to California and Colorado, several other states offer tax credits and incentives for electric and hybrid vehicles such as Arizona, Colorado, Georgia, Hawaii, Illinois, Maine, Maryland, Michigan, Missouri, Nevada, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin.

For more information about solar energy incentives, check out Bloomberg BNA’s Green Incentives Navigator.


In other developments . . .

New Jersey recently consolidated its tax incentive programs for job growth and economic development into two programs, GrowNJ and the Economic Redevelopment and Growth Program, which are extended until July 1, 2019, according to a Bloomberg BNA Weekly State Tax Report article.
 

By:  Kathleen Caggiano

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