A package of bills are being proposed in the New Jersey State Assembly to support electric vehicles. They include tax credits and tax deductions for charging infrastructure and the purchase of electric vehicles or plug-in hybrid electric vehicles as well as requirements for shopping center developers and the Turnpike Authority to install electric vehicle charging stations.
The most relevant for LSVs/NEVs are the tax credits for business and the tax deductions for individual tax payers for the purchase of electric vehicles. According to the office of Assemblyman Daniel Benson, one of the bill sponsors, and my own reading of the bill, LSVs/NEVs would be eligible for these tax credits and deductions. As currently written, for businesses, the tax credits would be available for three years starting with a $5,000 tax credit in year one, then declining to $3,000 in year two and $2,000 in year three. For individuals the numbers are the same except it is a gross income tax deduction instead of a tax credit. Learn more: Paramuspost.com EV Tax Credit/Deduction Bill
Update: The bills related to the tax credits and tax deductions for purchasing electric vehicles passed the Assembly on Thursday. If the bills are passed by the Senate and signed by the governor, the credits and deductions will start in 2012 and run through 2014. Learn more: Paramuspost.com