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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Mundon King
Fund Electronic Vehicle Rebate Program

Item 109 #1h

Item 109 #1h

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Department of Energy FY2025 $40,000,000 FY2026 $40,000,000 GF

Language
Page 107, line 37, strike "$4,766,189" and insert "$44,766,189".
Page 107, line 37, strike "$4,766,189" and insert "$44,766,189".

Page 108, after line 14, insert:

"E. Out of this appropriation, $40,000,000 the first year and $40,000,000 in the second year from the general fund shall be deposited to the Electric Vehicle Rebate Program Fund established in § 67-1805, Code of Virginia, for the purposes of providing rebates at the time of purchase to qualified residents of the Commonwealth purchasing new or used electric vehicles."



Explanation

(This amendment provides $40,000,000 from the general fund in fiscal year 2025 and $40,000,000 from the general fund in fiscal year 2026 to capitalize the Electric Vehicle Rebate Program Fund established pursuant to Chapter 493, 2021 Special Session I. The Rebate Program is established to provide rebates to qualifying Commonwealth residents who purchase a new or used electric vehicle with a base price of up to $55,000. The rebate would total $2,500 for qualified residents with household incomes greater than 300 percent of the Federal poverty guidelines, and the rebate would total $4,500 for qualified residents with household incomes equal to or less than 300 percent of the Federal poverty guidelines.)