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AR SB482
Bill
Status
Failed
4/24/2019
Primary Sponsor
William Bond
Click for details
AI Summary
- Creates an income tax credit of $150 for the purchase of a new hybrid vehicle during a tax year
- Creates an income tax credit of $300 for the purchase of a new electric vehicle during a tax year
- Defines "electric vehicle" as a vehicle propelled by an electric motor powered by a battery or other electrical device and not propelled by an internal combustion engine
- Defines "hybrid vehicle" as a vehicle that draws propulsion energy from both an internal combustion engine and an energy storage device
- Limits taxpayers to claiming no more than two credits per tax year, with the total credit amount not exceeding the taxpayer's income tax liability
- Effective for tax years beginning on or after January 1, 2019
Legislative Description
To Create An Income Tax Credit For The Purchase Of An Electric Vehicle Or A Hybrid Vehicle.
Last Action
Returned to the Senate.
4/24/2019
Committee Referrals
Revenue and Taxation3/28/2019
Revenue & Taxation3/4/2019
Full Bill Text
No bill text available