HB2462 Summary

• Establishes a $2,500 refundable income tax credit for taxpayers who purchase an electric vehicle costing up to $50,000, with income limits for eligibility (specific income thresholds not filled in the bill text).

• Credit is available to individual filers, married filing separately, joint filers, surviving spouses, and head of household filers whose adjusted gross income falls below specified thresholds.

• Excess credit over tax liability is refunded to the taxpayer, with no refunds issued for amounts less than $1.

• Total tax credits allowed across all taxpayers in any taxable year shall not exceed a specified amount (amount not filled in the bill text).

• Applies to taxable years beginning after December 31, 2020, and expires for taxable years beginning after December 31, 2028; takes effect July 1, 2050.