Gas prices are consistently rising, and that’s taking a toll on New Yorkers. While we continue to pay more at the pump, most of us have little control over gas prices. Fortunately, the state recently passed a new bill called the Gas Rebate Act, which aims to ease that burden by giving all drivers up to $300 per year in tax reductions.
If you’re concerned about the impact this will have on your wallet, read on for everything you need to know about the Gas Rebate Act and its impact on you.
What is the Gas Rebate Act?
The Gas Rebate Act is a state law that gives all NY drivers a one-time $300 tax break on the purchase of any fuel-efficient car. This law was passed by Governor Cuomo as part of a larger initiative to lower the cost of living for New Yorkers. While the act was originally intended to cover all car owners, it was later amended to only apply to fuel-efficient car purchases. This means that if you already own a car, you won’t be eligible for a rebate from the state.
How to claim your rebate
The first step towards claiming your rebate is to purchase a qualified fuel-efficient car. If you’re unsure about the exact model you want, consult this list of qualifying vehicles, which has been updated to reflect the latest Gas Rebate Act law.
After you’ve found your car, make sure you keep your purchase receipt, as you’ll need it to claim your rebate. Now that you’re car-shopping and have a receipt, you’ll next want to sign up for a MyDMV account.
Next, you’ll need to select “New York State Rebate” and provide the following information: – The date of your purchase – The amount of your purchase – The vehicle identification number (VIN) of your new car – The odometer reading – Your name and address Make sure you’re careful with this verification process, as wrong information could delay or even prevent you from receiving your rebate.
Once you’ve completed the verification, you’ll have 30 days to submit the application, so make sure you have everything you need in advance.
How much will you save with the Gas Rebate Act?
The exact amount you save will depend on the model you purchase. The table below has an overview of the rebates on offer.
Keep in mind that these figures are estimates and subject to change. Cars Rebate Hybrid Cars: $3,000 Alternative Fuel Cars: $3,000 Electric Cars: $2,500 Hydrogen Fuel Cell Cars: $4,000 Plug-in Hybrids: $2,000 Hydrogen Fuel Cell Vehicles: $4,000 Fuel Cell Electric Vehicles: $7,500
When will you get your money?
The best part about the Gas Rebate Act is that the money will be sent directly to your car’s insurance company. This means that you won’t have to wait to see the savings on your next car payment.
Instead, you’ll get a monthly rebate from your insurance company, which will be based on the average insurance savings of the model you purchased.
When does the Gas Rebate Act start and end?
The Gas Rebate Act was originally due to run between July 1, 2019, and June 30, 2020. However, when the law was amended to include fuel-efficient car purchases, the legislation was extended to June 30, 2021.
Meanwhile, the one-time rebate will be available from July 1, 2019, to December 31, 2022. These dates are subject to change, so be sure to check the New York State Department of Taxation and Finance website for the latest information.
If you’re interested in saving money at the pump, the Gas Rebate Act is a great opportunity. Not only will you receive up to $300 in tax savings, but you’ll also reduce your carbon footprint.
Remember that you only have until December 31, 2022, to buy a qualifying car and claim your rebate. So, don’t wait any longer to start shopping for the car of your dreams!