How long will the State incentive program be available?
The program will run while funds are available. Please refer to the funding dashboard for the latest information on this. We are unable to provide an end date, but anticipate these funds should last at least into 2024.
Are any all-electric or plug-in hybrid electric vehicles priced over $50,000 eligible for a State incentive?
Vehicle model eligibility for the State incentive program is determined by the base manufacturer's suggested retail price (MSRP). If a vehicle is listed as an eligible model (see above) then any version of that model is eligible for the State incentive program, even if the selling price is above $50,000. The Vermont Agency of Transportation overseeing the state incentives for new EVs also has some ability to consider inflationary pressure on vehicle prices to maintain eligibility for models that may be just over $50,000 base MSRP. Additionally, vehicle MSRP exemptions are available for individuals with disabilities that require special registration plates or placards as defined in 23 V.S.A §304a.
Will you be updating the list of eligible vehicles for the State incentive program when new models are available in Vermont?
Yes, the listing of eligible models will be updated if new EV models with a base price under $50,000 Manufacturer’s Suggested Retail Price (MSRP) become available and while funds remain.
How can I determine my adjusted gross income (AGI) for eligibility?
EV consumers can determine their AGI by checking their most recent state or federal income tax return. The State of Vermont income tax form, IN-111, lists AGI on line 1 – labeled “Federal Adjusted Gross Income”. The federal income tax form, IRS 1040, lists AGI on line 11 of the 2022 form. For applicants who have not filed a recent tax return, documentation may be required to calculate income if they are subject to an incentive audit. Examples of additional documentation that may be required includes W2s, bank statements, or other income verification documentation requested by the State of Vermont.
Are used EVs eligible for any incentives?
The State EV incentive program is only available for new electric vehicle purchases. However, the MileageSmart program is available for lower income households purchasing an eligible used EV and many electric utilities offer incentives on used EV purchases. Used EV purchases made in 2023 or later may also be eligible for a Federal Tax Credit.
Can I receive a State incentive and a Utility incentive?
Yes, the State incentive can be combined with Electric Utility and other incentives to further reduce the cost of an EV purchase or lease, provided the consumer meets all the eligibility requirements for each program. There is a limit of one State incentive per individual per 12 month period and many electric utility incentive programs also include limits on participation.
What are the tax implications of receiving an incentive?
The program does not issue a 1099 for the rebate. The State of Vermont EV incentive may be considered taxable income by the U.S. Internal Revenue Service and the Vermont Department of Taxes. It shall be the sole responsibility of the recipient, individually, to seek professional advice and determine the tax consequences of receiving an incentive.
Where can I learn more about the administration of the State Incentive Program?
The State of Vermont Plug-in Electric Vehicle Incentive Program Guidelines are available with detailed information on eligibility, incentive processing, and information for dealers interested in offering point-of-sale incentives for their customers.
I am an auto dealer - how can I sign up to offer point-of-sale incentives to my customers?
Dealers can opt-in to offer point-of-sale incentives at any time while State incentive funds are available. Dealers should refer to the program guidelines linked above for details and contact the program administrators ([email protected]) to sign a participating dealer agreement to gain access to the dealership portal.
Can I receive assistance completing an incentive application?
Yes, dealers offering point-of-sale incentives can assist customers with incentive application materials. Consumers needing assistance with consumer-direct State incentive applications should contact customer support (see below).
General consumer questions related to the State Incentive Program, the process for a dealership point-of-sale or consumer-direct incentive, or requests for funding status should be directed to at the Center for Sustainable Energy at:
1 (888) 807-0446