California is adding a $1,000.00 carrot with its bundle of sticks in the State’s efforts fight pollution. Recently, the legislature passed SB 457, which may give pedestrians a sizable refund. This change comes after California recently made national news for passing legislation that phases out new gasoline-fueled cars by 2035, and will soon vote on whether to tax multimillionaires an additional 1.75% to fund environmental safety. This new law provides a $1,000 refund for tax years 2023-2027, through the Franchise Tax Board, for households that satisfy two conditions.
First, the household must not own a vehicle that “is required to be registered with the Department of Motor Vehicles” and is not “moved exclusively by human power.” As such, surprisingly, even fully electric cars are exempt from this tax credit. Second, the household must not have gross income which exceeds $60,000 for spouses filing joint returns, or $40,000 for those filing as individuals. It is unsure how many individuals will qualify for this refund. Of note, Governor Newsom’s has not yet signed or vetoed the law as of the date of this posting; however, if no action is taken by September 30, 2022, SB 457 becomes law.
Want to know if you qualify? Contact the Burton Law Firm at 916-822-8700 or email@example.com and schedule a consultation.