A-2895

Sponsored by: Assemblyman WAYNE P. DEANGELO District 14 (Mercer and Middlesex), Assemblyman STERLEY S. STANLEY District 18 (Middlesex), Assemblyman DANIEL R. BENSON District 14 (Mercer and Middlesex)
Co-Sponsored by: Assemblyman Conaway

STATEMENT

This bill provides corporation business tax credit and gross income tax credits for the purchase and installation of certain electric vehicle charging stations. The credits are available for the taxpayer tax periods beginning in calendar years 2014, 2015 and 2016.

The bill provides credits under the corporation business tax and the gross income tax for electric vehicle charging stations used directly and exclusively by the taxpayer in the taxpayer’s business, trade, or occupation. For charging stations purchased and installed in 2014 tax periods a taxpayer 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 2015 tax periods the credit is 15 percent of the cost, up to $300 per charging station; and for a charging station purchased and installed in 2016 tax periods 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 2014 is 25 percent of cost, up to $500, for 2015 15 percent of cost, up to $300, and for 2016 eight percent of cost, up to $150, for the purchase and installation of a charging station. Married taxpayers filing separately are allowed up to half of those amounts.

To qualify for the bill’s tax credits, the bill requires the taxpayer to 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.