Source: Rapeepong Puttakumwong / Getty
Rolling in luxury and style comes at a cost. A new law was signed this past weekend, for electric car owners in Texas.
On Saturday, May 13th Governor Greg Abbott made the tax official when he quietly signed the legislative measure into law, despite the fact that there was no fanfare or notification. The law will become operational in September.
This means that will require the owners of electric vehicles to pay $400 to register a new electric vehicle on top of other fees. Making registration renewal cost total $200.
In comparison, owners of hybrids and gas-fueled vehicles do not pay those type of fees. Those drivers instead pay a 20-cent per gallon gas tax.
Both the gas tax and electric vehicle tax purpose is for the state highway fund, though some gas tax revenue is diverted to schools as well. According to court documents, the new tax will funnel at least $38 million in new money to the state highway fund, Dallas Morning News Reports. Gasoline and diesel taxes will generate an estimated $3.8 billion in revenue for the state in 2024, according to the comptroller’s office.
