Providing tax credits to provide vehicles to certain persons

HB 2766 creates a tax credit program to help low-income workers obtain vehicles by providing refundable tax credits to individuals and dealers. It allows individual taxpayers who donate eligible vehicles to qualified charities to receive up to $6,000 per vehicle, and licensed automobile dealers who sell or donate such vehicles to low-income workers to receive up to $6,000 per vehicle based on the discount from fair market value. Eligible vehicles must be safe (no salvage history, no open safety recalls, and with a 90-day warranty) and are provided to workers in households earning at or below 150% of the federal poverty level through qualified charitable organizations. The program has a maximum annual tax credit limit of $300,000 for 2021-2022 and $1 million for subsequent years, with the Tax Commissioner tracking claims.