SB 1206 - For all tax years beginning on or after January 1, 2025, this act allows a taxpayer to claim a tax credit for each qualified purchase of an electric vehicle or previously-owned clean vehicle, as such terms are defined in the act. The amount the tax credit shall be $2,500 for qualified purchases of electric vehicles or, for purchases of previously-owned clean vehicles, the lesser of 10% of the purchase price or $1,000. Tax credits authorized by this act shall not be refundable or transferable, but may be carried forward for three tax years. This act shall sunset on December 31, 2030, unless reauthorized by the General Assembly.
This act is substantially similar to SB 516 (2023), SB 583 (2023), SB 1193 (2022), HB 1526 (2022), and HB 2756 (2022).
JOSH NORBERG