Electric vehicle buyers in Maryland that missed out on getting a state excise tax credit in fiscal year 2017 because the program had depleted its funds, may get that money after all if a bill sponsored by Senator Roger Manno passes.
Maryland SB177 would allow a credit against the excise tax imposed for a plug–in electric vehicle if an application for the credit was filed during fiscal year 2017 (7/1/2016 to 6/30/2017) but the credit was not allowed due to a limitation on the total amount of credits that may be allowed each fiscal year.
The funds devoted to the Maryland Electric Vehicle Excise Tax Credit program have usually been depleted before the end of recent fiscal years. Funds for fiscal year 2017 were depleted by September, 2016. Normally, the tax credits would be applied retroactively when funds were released at the beginning of the next fiscal year.
Last year, the Maryland General Assembly passed The Clean Cars Act of 2017 which modified the EV excise tax credit program in hopes of making the funds last the entire year. However, it did not contain a provision to allow those who had purchased EVs in the interim to claim a credit under the old or the new program. Lawmakers heard from many who were left out.
The bill also addresses the Fiscal Year 2017 Electric Vehicle Recharging Equipment Rebate Program and contains provisions to provide rebates to individuals and entities that qualified for a rebate in fiscal year 2017 but did not receive it because of the limitations on rebates to be issued in fiscal year 2017.
SB177 has been referred to the Senate Budget and Taxation Committee and a hearing is scheduled for January 30, 2018 at 1:30 PM.
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