Bill > HB40

This bill establishes new income tax credits for individuals and corporations related to electric vehicles (EVs) and their charging infrastructure, aiming to reduce environmental emissions. For individuals, a new "electric vehicle income tax credit" offers up to $2,500 for purchasing or leasing a qualified EV, defined as a four-wheeled vehicle manufactured primarily for street use, with specific weight, speed, and battery capacity requirements, and which has not been modified. This credit is capped annually at $2 million in total claims, with any excess over tax liability refunded to the taxpayer, and is available until January 1, 2021. Additionally, a new "electric vehicle charging unit income tax credit" provides individuals with a credit of up to $3,000 (or $5,000 for solar-powered units), or 30% of the cost, for purchasing and installing an inspected EV charging unit on nonresidential property, also capped annually at $1 million in total claims (combined with the corporate credit) and refundable if it exceeds tax liability, available until January 1, 2021. A similar "electric vehicle charging unit corporate income tax credit" is created for businesses, with the same credit amounts and limitations. The bill also introduces a new annual registration fee of $30 for electric vehicles, with the collected funds directed to the motor vehicle suspense fund for distribution according to existing laws, and amends existing provisions regarding the disposition of motor vehicle fees to include these new EV registration fees. These tax credits apply to taxable years beginning on or after January 1, 2014, with the new registration fee and fee disposition provisions taking effect on January 1, 2016.