5 economic proposals in Whitmer’s budget plan for Michigan

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In his state of the state address two weeks ago, Whitmer proposed a state-level taxpayer subsidy for the purchase of an electric vehicle in an effort to boost electric vehicle sales.

During Wednesday’s budget presentation to lawmakers, Harkins laid out the details of the governor’s proposal.

Whitmer wants lawmakers to allow a rebate of $2,000 for the purchase of an electric vehicle — on top of the existing federal tax credit of $7,500 — and a rebate of $500 for the cost of installing the electric vehicle. home electric charging equipment.

The governor is asking lawmakers to set aside $50 million in one-time money over two fiscal years to pay for the rebates. If approved by the Legislative Assembly, the rebate program would begin Oct. 1.

Buyers would have 120 days after purchasing an electric vehicle or charging equipment to claim a rebate.

According to the Treasury Department, a maximum of $10 million in rebates could be given out for electric vehicle charging equipment.

The Treasury estimates that the rebates could boost the sale of 18,750 new electric vehicles in 2022 and 2023.

Nearly a dozen other states offer state-level rebates or tax credits to residents who purchase electric vehicles. Whitmer’s proposed $2,000 rebate for the electric vehicle would put Michigan on par with Texas, Pennsylvania and New York.

The only other state in the Great Lakes region with an electric vehicle incentive is Illinois, which will begin a rebate of up to $4,000 on July 1, according to Michigan’s Treasury Department.

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