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Oklahoma tax credits on electric vehicles to end July 1

The Legislature eliminated the consumer tax credits on Friday, the final day of the session, but added a new credit for manufacturers.

 
BY JENNIFER PALMER | Published: June 2, 2010    Comment on this article Leave a comment

The state has pulled the plug on tax credits for electric vehicle buyers.

A law passed Friday, the final day of the legislative session, eliminating the tax credit effective July 1. The changes won't impact existing tax credit applications or pending litigation because it isn't retroactive, the Oklahoma Tax Commission said.

photo - John Lohman demonstrates the Kandi COCO electric car at Trinity Trikes in Moore, Oklahoma October 23, 2009. Photo by Steve Gooch
John Lohman demonstrates the Kandi COCO electric car at Trinity Trikes in Moore, Oklahoma October 23, 2009. Photo by Steve Gooch

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Though individuals will no longer be able to claim a state tax credit on electric cars, the law adds a new incentive for manufacturers. Credits of $500 for low-speed, $1,000 for medium-speed and $2,000 for highway-capable electric vehicles will now be available to companies producing these vehicles in the state.

Atlanta-based Wheego is considering Piedmont as the site of its new production facility, but Chief Executive Officer Mike McQuary said Tuesday the change to Oklahoma's law is "a disappointment.”

"The consumer tax credit was the most attractive thing for us about coming to Oklahoma,” he said. It had been successful in getting more Wheego cars on the road, he added.

Wheego plans to decide in the near future if it will build its new production plant.

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