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One of the benefits of leasing a BMW vehicle is saving money via lesser monthly payments and financing incentives. One question we at BMW of Sherman Oaks get asked frequently is whether a BMW i4 or other electric vehicle is eligible for tax credits. We’re here to answer that question for California drivers looking to buy or lease a new BMW EV.
Are BMW EVs Eligible for Tax Credits?
Thanks to the Inflation Reduction Act’s new sourcing and manufacturing requirements, the answer is, “It’s complicated.” Many formerly qualified EVs, including from BMW, are no longer eligible.
However, you can apply for state tax credits on your BMW EV per California law. The Clean Vehicle Rebate Program (CVRP) allows you to claim up to $7,500 in tax credits when buying or leasing a new EV in California.
This rebate promotes clean energy and efficiency in eligible BMW vehicles such as the BMW i4. You can use this rebate when shopping for personal or business vehicles.
What’s the Catch?
Some restrictions apply. Vehicles must be fully electric and pass eco-friendly standards to qualify. In addition, individuals purchasing an EV must meet specific income requirements to claim this rebate.
Are Pre-Owned and Leased Models Applicable?
The CVRP credit isn’t just available for buying new cars. Pre-owned EVs are also eligible for this program, provided they meet the environmental standards.
Leasing for commercial purposes is another story. This credit applies to leased EVs, but the restrictions and standards are looser for these vehicles if you’re leasing for business purposes. California law allows businesses to receive the CVRP credit without meeting the stricter set of requirements.
Excellent EV Selection and Financing at BMW of Sherman Oaks
For California drivers, BMW of Sherman Oaks is poised to find the best lease deals on an EV, including the BMW i4. Visit us today to shop for eligible electric vehicles!