S.B. 257 Summary

• Provides a $500 sales tax exemption for individuals purchasing or leasing a qualified plug-in electric vehicle, limited to one vehicle per calendar year
• Provides a $1,000 sales tax exemption for businesses purchasing or leasing qualified plug-in electric vehicles, limited to ten vehicles per calendar year
• Allows a nonrefundable tax credit up to $1,500 for individual and business taxpayers who purchase and install qualifying electric vehicle charging stations on their premises
• Qualified plug-in electric vehicles must be four-wheeled, capable of speeds of at least 55 mph, powered wholly by electric motor with at least 4 kilowatt-hour battery capacity, and purchased between the effective date and 61 months after enactment
• Tax incentives apply to charging stations purchased and installed within 62 months of the bill's effective date