We didn’t have to pay sales tax (6+%) oN certain EV purchases in the past. I wonder if this $5000 tax credit is replacing or in addition. New Jersey Approves Landmark Electric Vehicle Legislation with Most Progressive Consumer Rebate in Northeast
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We didn’t have to pay sales tax (6+%) oN certain EV purchases in the past. I wonder if this $5000 tax credit is replacing or in addition. New Jersey Approves Landmark Electric Vehicle Legislation with Most Progressive Consumer Rebate in Northeast
Couldn’t tell from what I read if it starts immediately or is retroactive to start of 2020 or starts on some future date? I live in NJ and literally just ordered a new 3 LR while trading in a 2015 S today!
Thanks so much Shateam. Glad I didn't order the autopilot! (which I can thank the robust discussion on this forum for giving me good insight to make a decision). So I placed my order with the $100 deposit yesterday but I believe the "purchase date" will be when I pay the full amount and take delivery...hoping that is correct, as my 3's price is $51k and change, i.e., under the $55k in the article.According to this article:
“An “eligible vehicle” is any new light duty plug-in electric vehicle with an MSRP of below $55,000 purchased or leased after the effective date of the bill and registered in New Jersey.”
New Jersey advancing plug-ins: 330K units by end of 2025, 2M by 2035, 85% of new vehicles by 2040
Thanks so much Shateam. Glad I didn't order the autopilot! (which I can thank the robust discussion on this forum for giving me good insight to make a decision). So I placed my order with the $100 deposit yesterday but I believe the "purchase date" will be when I pay the full amount and take delivery...hoping that is correct, as my 3's price is $51k and change, i.e., under the $55k in the article.
It’s an option, not a requirement. If the seller doesn’t do it, you can still apply yourself to get the refund in the form of a check.One other important note is that apparently the incentive is to be provided immediately at the time of the final sale (as opposed to the federal tax rebate which was provided at the time you filed your tax return).
So make sure the credit is deducted from your final purchase price.
Good luck!
Also, as of this posting, the bill has not been signed into law yet so you may want to defer delivery until there is 100% clarity that Gov Murphy is going to sign the bill.
For the lawyerly type, here is the law signed by the Governor regarding the $5,000 tax incentive (at purchase) for EV Vehicle buyers that get above 200 Miles. Scrolling to the bottom of the legalese, it states this law shall take effect immediately S2252 SCS SCS CC