Bipartisan legislation encouraging New Jersey businesses to adopt zero emission electric vehicles, sponsored by Senator Jean Stanfield and Senator Bob Smith, was endorsed today by the Senate Environment and Energy Committee.
Bipartisan legislation encouraging New Jersey businesses to adopt zero emission electric vehicles, sponsored by Senator Jean Stanfield, was endorsed by the Senate Environment and Energy Committee. (SenateNJ.com)
The bill, S-429, would provide corporation business tax and gross income tax credits to incentivize commercial zero emission vehicle fleet conversions and installation of electric vehicle charging stations.
“The tax credits established by this measure will make it even more attractive for corporations, business owners and residents to embrace the ecological and economic benefits of electric vehicles,” said Stanfield (R-8). “The transition from carbon fuels to renewable electricity for cars and trucks will help clear the air and improve New Jersey’s quality of life.”
Under Stanfield’s bill, two different credit programs would be established.
One credit is based on the amount a taxpayer pays to purchase and install an electric vehicle charging station at their business, trade, or occupation, or at the taxpayer’s primary residence in this State. The credit is capped at 50 percent of the amount paid towards the purchase and installation of the electric vehicle charging station during a privilege period or taxable year, or $1,000 per station, whichever amount is less.
The second credit would ease the burden of purchasing commercial zero emission vehicles. Based on the cost comparison of a qualifying vehicle compared to a comparable gas or diesel alternative, the credit is capped at 50 percent of the difference, not to exceed $25,000 if the qualified commercial zero emission vehicle weighs less than 14,000 pounds; $50,000 if the vehicle weighs 14,001 to 26,500 pounds; and $100,000 if the vehicle weighs more than 26,500 pounds.
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