The state Senate Environment and Energy Committee on Monday said it advanced legislation sponsored by Sen. Bob Smith that would provide Corporation Business Tax and Gross Income Tax credits for the purchase and installation of electric vehicle charging stations as well as the purchase of commercial zero-emission vehicles.
“Our transition toward electric vehicles cannot just be reflected in incentives for passenger vehicles, leaving out the thousands of commercial vehicles that continue to rely on fossil fuels. This bill will help make electrifying commercial vehicles more attractive and financially feasible for New Jersey companies,” Smith (D-Piscataway) said. “The transportation sector alone represents 42% of our state’s total greenhouse gas emission, and accelerating the transition toward electric and zero-emission vehicles is likely the fastest way to address that challenge.”
The bill, S210, would provide tax credits capped at 50% of the amount paid toward the purchase and installation of an EV charging station, or $1,000 per station, whichever amount is less. The station would be required to be used exclusively by the taxpayer in its business, trade or occupation, or be made available for use by tenants or guests at a multifamily or mixed-use property.
The tax credits for commercial zero-emission vehicles would be capped at 50% of the difference between the amount paid for the commercial zero-emission vehicle and the amount that would have been paid for a comparable conventionally fueled vehicle. The credit would not be permitted 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.
The bill was advanced in a 4-1 vote.