Here's a peek at Gov. Newsom's new EV incentives package for Californians

"The Newsom administration on Monday released language for a trailer bill legislation tied directly to the annual state budget regarding the Democrat's proposal to set aside $200 million to fund the new program. The language calls for the California Air Resources Board to enter into grant agreements with automakers to provide incentives for consumers to buy or lease light-duty passenger electric vehicles at the point of sale. Participating manufacturers will match the state's contributions on a one-to-one basis."

"Incentives would also apply to used EVs but only for their purchase, not for leasing them. Eligible vehicles include those priced at or below MSRP, the manufacturer's suggested retail price, as specified by the federal government's 2022 Inflation Reduction Act signed into law by then President Joe Biden. Those price caps are $55,000 for new passenger vehicles; $80,000 for vans, SUVs and pickup trucks; and $25,000 for used vehicles."

"All the vehicles in the proposed program must be registered to California residents. The specific dollar amounts of the incentives are still to be determined. In an email, the Air Resources Board said the agency plans to hold a workshop in the spring that will gather stakeholder input and that more details will be finalized in the coming months. Legislators in Sacramento have to approve Newsom's proposal for it to take effect, but Democrats hold a supermajority in the Statehouse."

California plans to revive its zero-emission vehicle rebate program with $200 million proposed funding. The California Air Resources Board would enter grant agreements with automakers to provide point-of-sale incentives for light-duty electric passenger vehicles. Participating manufacturers must match the state's contributions one-to-one. The program would include used EV purchases but not used EV leases. Incentives would be limited to first-time buyers. Eligible vehicles must meet federal MSRP price caps: $55,000 for new passenger vehicles, $80,000 for vans, SUVs and pickup trucks, and $25,000 for used vehicles. All vehicles must be registered to California residents. Exact incentive amounts will be determined after stakeholder workshops and final rulemaking; legislative approval is required for enactment.

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