"The Newsom administration on Monday released language for a trailer bill - legislation tied directly to the annual state budget - regarding the Democrat's proposal to set aside $200 million to fund the new program. The language calls for the California Air Resources Board to enter into grant agreements with automakers to "provide incentives for consumers" to buy or lease light-duty passenger electric vehicles "at the point of sale." Participating manufacturers will match the state's contributions on a one-to-one basis."
"Eligible vehicles include those priced at or below MSRP, the manufacturer's suggested retail price, as specified by the federal government's 2022 Inflation Reduction Act signed into law by then President Joe Biden. Those price caps are $55,000 for new passenger vehicles; $80,000 for vans, SUVs and pickup trucks; and $25,000 for used vehicles. All the vehicles in the proposed program must be registered to California residents."
Governor Gavin Newsom proposed reviving California's rebate program for zero-emission vehicles with $200 million allocated for the effort. The California Air Resources Board would enter into grant agreements with automakers to provide point-of-sale incentives, with participating manufacturers matching state contributions dollar-for-dollar. Incentives would cover new and used EV purchases (used vehicles only for purchase, not lease) and be restricted to first-time buyers. Eligible vehicles must meet MSRP caps from the federal Inflation Reduction Act: $55,000 for new passenger cars, $80,000 for vans/SUVs/pickups, and $25,000 for used vehicles. Details and incentive amounts will be finalized after stakeholder input and legislative approval.
#zero-emission-vehicle-rebates #automaker-match-funding #used-electric-vehicles #california-air-resources-board
Read at The Mercury News
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