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How much is it to register an electric car in Illinois?

(WTVO) Electric vehicle (EV) license plate renewal fees for owners in Illinois cost $251 a year, $100 more than a standard internal combustion engine (ICE) vehicle. In 2019, the state legislature approved a $45 billion transportation bill that doubled the state gas tax to help pay for improvements to infrastructure.

Is there an EV tax credit for Illinois in 2024?

Third Round Opening November 1, 2023 This cycle will run until January 31, 2024. Illinois residents purchasing a new or used all-electric passenger vehicle ($4,000) or all-electric motorcycle ($1,500) from an Illinois licensed dealer are eligible for the rebate.

How much is road tax for electric car in Illinois?

Owners of electric vehicles in Illinois have to pay an additional $100 registration fee every year that goes into a state fund earmarked for road construction projects.

How much does it cost to register an EV in Illinois?

Title fees for a new EV in Illinois may set you back $165. Since 2020, EVs have had a plate registration fee of $251 a year a docHub rise from $17.50 in previous years. Illinois has also implemented an additional $100 EV fee, allocated in lieu of the payment of motor fuel taxes.

What is the $4000 EV rebate in Illinois?

Illinois residents can receive a $4,000 rebate for purchasing an electric vehicle through a statewide taxpayer-funded program. There are a few caveats, however. Certain eligibility criteria must be met, and the window to submit an application is only open through the end of Jan. 2024.

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Why do electric vehicles cost more to register?

(Most states annual EV fees are accompanied by extra fees for hybrid vehicles, especially plug-in hybrid cars.) The justification for the fees is the loss of state revenue that typically comes in from gas taxes. (EV drivers, of course, dont fuel up, so they arent chipping in any gas tax revenues.)

Why are EV tags so expensive?

Whats the deal with the electric car fees? California residents who own electric cars have been paying a yearly fee of $100 since 201 The state introduced this fee as a way to make up for lost gas-tax revenue.

Is there a EV tax in Illinois?

Does Illinois Have Tax Credits For Buying New EVs? Yes. From July 2022 through June 2026, the state of Illinois offers a rebate of $4,000 for the purchase or lease of a new EV.

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