TRENTON –Legislation to promote electric vehicle usage by providing corporation business tax credit and gross income tax credits for buying and installing electric vehicle charging stations was recently approved by the Assembly.
The bill (A-566) was Ok’d by a vote of 54-20-5.
“We should be doing all we can to promote electric car usage and purchases in New Jersey,” said Assemblyman Craig Coughlin (D-Middlesex), a sponsor of the proposed legislation. “This bill isn’t a cure-all, but it’s certainly a great stride toward making New Jersey a friendly state for electric cars, and that’s a great thing.”
Under the bill, charging stations purchased and installed in 2013 will be allowed a credit in an amount of 25 percent of the cost, up to $500 per electric vehicle charging station; for a charging station purchased and installed in 2014 the credit is 15 percent of the cost, up to $300 per charging station; and for a charging station purchased and installed in 2015 the credit is eight percent of the cost, up to $150 per station.
The bill also provides a gross income tax credit for a charging station purchase that is not required to be for business use. The credit for 2013 is 25 percent of cost, up to $500, for 2014 it’s 15 percent of cost, up to $300 and for 2015 it’s 8 percent of cost, up to $150, for the purchase and installation of a charging station.
To qualify for the bill’s tax credits the taxpayer must file an application for a certification with the Commissioner of Environmental Protection that the charging station purchased and installed by the taxpayer is a qualified electric vehicle charging station.
The bill will be referred to the Senate for more consideration.