MULN - Mullen Announces Bollinger Motors Receives IRS Approval for $40000 Commercial EV Tax Credit | Benzinga
BREA, Calif., Feb. 06, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today Bollinger Motors ("Bollinger") has received IRS approval as a "qualified manufacturer" for clean vehicle credits under the Inflation Reduction Act of 2022 (the "IRA"). This designation enables the Bollinger B4 chassis cab to qualify for the IRA's new credit for qualified commercial clean vehicles, providing eligible purchasers a tax credit of up to $40,000 per vehicle.
"Bollinger Motors is poised for growth and we're ready to help electrify America's fleets," said Robert Bollinger, founder and CEO of Bollinger Motors. "These tax credits are an important incentive for our customers to replace their gas and diesel trucks and lower their total cost of ownership."
Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Section 45W of the Internal Revenue Code ("IRC"). The credit equals the lesser of:
- 15% of the purchaser's basis in the vehicle (30% if the vehicle is not powered by gas or diesel)
- The incremental cost of the vehicle versus a comparable vehicle with a gas or diesel engine
The Bollinger B4, with a GVWR of 15,500 pounds, will qualify for the full eligible tax credit of $40,000.
Today's award followed a series of announcements in recent months, including partnerships with Our Next Energy in Novi, Michigan, to supply batteries, and with Roush Industries in Livonia, Michigan, to assemble Bollinger B4 trucks.
The company anticipates deliveries of the Bollinger B4 chassis cab to begin in the second half of 2024.
About Bollinger Motors
Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak ...