The Brammo Buying Experience > Taxes, Incentives, Advantages

California EV rebate fund propped up

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Richard230:
I just read in my newspaper today that the latest CA budget added 132 million dollars to the EV rebate fund - which apparently was out of gas this year.   ;)

Shinysideup:
Oh good. I've been eyeing the Chevy Bolt...

Richard230:
According to a radio news report that I heard today, California has just announced changes to the EV rebate which will eliminate it for "high income earners" and has increased the rebate amount for "low income earners".  No mention what a high and low income earner is.   ???  My first thought is: can a "low income earner" afford to buy a new electric car?  Needless to say there was no mention if the rebate for electric motorcycles has also been modified.   ???  Hopefully, my newspaper will publish more information regarding this revision to the rebate formula soon. As soon as I hear more, I will post it here.

Shinysideup:
Thanks for keeping us informed, Richard.

This week I just put a refundable deposit down on a Chevy Bolt to replace my wife's Prius that's getting long in the tooth. Of course the rebates are a big part of my decision.

Don't consider myself a "high income earner."

Richard230:
Here is the scoop, according to an article by the AP, published in the business section of the Mercury News today: Individuals with gross incomes below $35,640 a year, or a family of four with an income of $72,900 a year, who buys or leases an electric car will receive a rebate from California in the amount of $4,500.  If they buy a plug-in hybrid they will receive a $3,500 rebate and $7,500 for fuel-cell vehicles.

The new rules will not provide rebates to any individual making more than $150K for single tax filers, or $204,000 for head-of-household filers, or $300K for joint filers.  The caps do not apply to hydrogen fuel-cell vehicles.

No mention was made regarding rebates for individuals or families falling within those incomes, so I assume that the current rebates will stay the same for them. 
Also no mention was made for electric motorcycle rebates, so perhaps there will be no changes there, either?  ???

An long article directly above this one, also written by the Associated Press, talks about the new Chevy Bolt, saying that it has a 238-mile range, can get to 60 mph within 6.5 seconds and will sell for a MSRP of $37,495, which drops it down to just under $30,000, once the Federal tax credit is applied.  If you live in California, you can also apply the CA rebate to this purchase - once you figure out what your reported gross income is for the previous year.   ::)

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