TRENTON – Legislation to provide New Jersey residents and businesses with tax credits if they buy electric cars or vehicle charging stations was approved Thursday by the Assembly.
The package comes shortly after President Barack Obama, in his State of the Union address, pledged to work to put one million advanced technology vehicles such as electric cars and hybrids on America’s roads by 2015.
The bills would:
- Provide a corporation business tax credit or a gross income tax deduction for the purchase and installation of electric vehicle charging stations (A-3650). It was approved 46-18-13.
- Provide a corporation business tax credit or a gross income tax deduction for the purchase of an electric vehicle or plug-in hybrid electric vehicle and a corporation business tax credit for the purchase of an electric truck or electric bus (A-3651). It was approved 46-18-13.
- Urge the U.S. Congress and the President to provide financial support and other incentives to the states to promote and incentivize the purchase of electric and hybrid electric automobiles (AR-133). It was approved 53-17-7.
The state Office of Legislative Services estimates that the bills would cost New Jersey $36.1 million over a three year period.
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