Business
Envirotech Vehicles Announces Eligibility for Inflation Reduction Act's Commercial Clean Vehicle Credit
OSCEOLA, AR / ACCESSWIRE / March 21, 2023 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles
About this update from Envirotech Vehicles, Inc.
[{"type":"text","content":"OSCEOLA, AR / ACCESSWIRE / March 21, 2023 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles (\"EVTV\"), announced today that customers that purchase EVTV commercial electric vehicles with a gross vehicle weight rating (GVWR) of over 14,000 pounds are now eligible to receive a tax credit of $40,000 per vehicle under the Inflation Reduction Act (IRA) commercial clean vehicle credit. Vehicles that qualify for this credit in EVTV's portfolio today include the company's medium-duty logistics vans and urban trucks, with future vehicles such as the company's school bus offering expected to qualify as well.Phillip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, \"Securing vehicle tax credit eligibility for customers purchasing EVTV vehicles under the IRA's commercial clean vehicle credit is another key step forward in improving vehicle affordability for fleet owners looking to participate in the green transition of the U.S. medium and heavy-duty commercial fleet. When combined with other available local, state, and federal grants and incentive programs that our team is well positioned to leverage, the cost of owning one of our vehicles can become even more attractive, all of which positions us well as we continue to scale up our business.\"The IRA commercial clean vehicle tax credit, which is under Internal Revenue Code (IRC) 45W, can be combined with most state and federal government funding, thus reducing the upfront cost of purchasing a commercial electric vehicle even further. Vehicles with a gross vehicle weight rating (GVWR) of under 14,000 pounds, such as the company's cutaway van, qualify for a $7,500 credit. The commercial clean vehicle credit is just a part of the energy transition-focused IRA law. The IRA is also investing $1 billion to replace dirty heavy-duty vehicles with clean, zero-emission vehicles, support zero-emission vehicle infrastructure, and to train and develop workers through grants or rebates through the Clean Heavy-Duty Vehicle program. Funds are to be distributed by 2031, with $400 million set aside for communities in nonattainment areas, which are areas considered to have air quality worse than the National Ambient Air Quality Standards.About Envirotech VehiclesEnvirotech Vehicles, Inc. is a provider of purpose-built, zero-emissi...