Yes, there are states in the U.S. that offer both cash rebates and tax credits, particularly in the areas of business incentives and electric vehicle (EV) purchases.
Business Tax Credits and Cash Rebates
- North Carolina offers a notable example where the state provides a cash refund rebate of up to 80% of personal income taxes generated by new jobs for up to 12 years. This functions as a cash rebate to businesses. Additionally, many states, such as Georgia, South Carolina, Mississippi, and Tennessee, offer tax credits for job creation and business investments.
Electric Vehicle Tax Credits and Rebates
- Many states offer a combination of state tax credits and cash rebates for electric vehicles and EV charger installations. For example, states like California, Colorado, New York, and Oregon have programs that include both tax credits and cash rebates to incentivize EV purchases and infrastructure.
Summary
| State | Offers Cash Rebates | Offers Tax Credits | Notes |
|---|---|---|---|
| North Carolina | Yes (cash refund for job creation) | Yes (job development credits) | Cash refund of up to 80% personal income tax generated from new jobs |
| California | Yes (rebates on EV purchases) | Yes (EV tax credits) | Rebates and credits for EVs and chargers |
| Colorado | Yes (EV rebates) | Yes (EV tax credits) | Incentives for EV and EV charging equipment |
| New York | Yes (cash rebates) | Yes (tax credits) | Multiple EV incentives including rebates and credits |
| Oregon | Yes (rebates) | Yes (tax credits) | EV purchase rebates and tax credits available |
Thus, if you are looking for states that offer both types of incentives, several exist across different sectors such as business investment and electric vehicles. North Carolina stands out for business incentives with both cash refunds and tax credits, while various states like California and New York provide both rebates and credits for EVs.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-states-that-offer-both-cash-rebates-and-tax-credits/
