Texas Health and Safety Code 386.157 – Light-Duty Motor Vehicle Purchase or Lease Incentive
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(a) A person who purchases or leases a new light-duty motor vehicle described by § 386.154 and listed under § 386.156(a) is eligible to apply for an incentive under this subchapter.
(b) A lease incentive for a new light-duty motor vehicle shall be prorated based on a three-year lease term.
Terms Used In Texas Health and Safety Code 386.157
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
(c) To receive money under an incentive program provided by this subchapter, the purchaser or lessee of a new light-duty motor vehicle who is eligible to apply for an incentive under this subchapter shall apply for the incentive in the manner provided by law or by rule of the commission.