California's lawmakers and governor have agreed to spend $135 million on new electric vehicle incentives.
The program will be available only to first-time EV buyers.
Price caps are $50,000 for a new vehicle and $25,000 for a used one, but those don't apply to California-based EV companies.
With the federal EV tax credit of $7,500 long gone, California is working up a program to fill the gap. The state's lawmakers and governor have agreed on a new budget that includes $135 million for a new EV incentive for car buyers. Bills are working their way through the legislature now.
The discounts will be available as cash on the hood, meaning buyers and lessees won't have to apply for a tax credit later on. They'll be reserved only for first-time EV buyers, "as confirmed by a buyer attestation," the bill outlining the program says. Similar to the latest version of the federal EV tax credit, there will be price caps.
