Posted 02.01.16 in News by Steve
In January, the California Clean Vehicle Rebate Program announced new income based caps for high-income buyers as well as increased incentives for lower-income buyers. The new rules are expected to go into effect in March.
After the restructuring, lower-income households will be able to get substantially more money for certain models. Income earners who make less than 300% of the U.S. Poverty level - individuals earning less than $35,310 or a family of three earning less than $60,270 - will now be able to get up to $3,000 for a plug-in hybrid and $4,000 for an all-electric car.
Tax payers earning above 300% of the U.S. Poverty level but below the income cap amount will qualify for incentives of $1,500 for plug-ins and $2,500 for battery electrics.
Tax payers who make more than the new income cap - individuals making $250,000, $340,000 for heads of household, and $500,000 for those filing jointly – will no longer receive any incentive.
The Clean Vehicle Rebate Program's funding was boosted from $121 million to $163 million for the 2015-2016 fiscal year. Since 2010, the program has issued $217 million in rebates.
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