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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NJ Owners a Nice Surprise
- Thread starter EdisonFire
- Start date
rGin
Member
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!
SureValla
Member
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
rGin
Member
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.
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!
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.
Both houses passed the bill with almost unanimous support so I believe the Governor will sign it. Start dates are unknown as yet. I need that ABC Afternoon School House Rock series to explain how a bill becomes a law ("I'm Just a Bill"; "Conjunction Junction, What's Your Function" for those old enough to remember). Many times once signed, there may be a 2-3 month wait for full enactment, but it could be retroactively in effect from January 1. In the legislation there is also a $500 rebate to those who install home charging equipment, above and beyond the $5,000 rebate/discount/incentive. Here is that wording;
To address the traditionally higher upfront cost of an electric vehicle compared to gasoline vehicle, S2252 would establish two rebate programs. First, it would permit the Board of Public Utilities (“BPU”) to create an incentive program of up to $500 for individuals who install in-home EV equipment. Next, the legislation directs the BPU to establish a special non-lapsing fund to provide incentives of up to $5,000 for the purchase or lease of an eligible electric vehicle. This program would last for 10 years, or until $300 million of rebates are dispersed, providing approximately $30 million a year in customer rebates. The programs may be funded by a variety of sources including RGGI or proceeds from the Transportation and Climate Initiative’s regional policy, or even general appropriations. This rebate program would be one of the most robust in the United States and help stimulate the EV market in New Jersey.
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
The law takes effect immediately, but the BPU still needs time to come up with the rules around how this will work and what the process will look like.
Also I find this thread title misleading. Current NJ owners who already purchased cars and EVSE equipment are getting absolutely nothing.
Also I find this thread title misleading. Current NJ owners who already purchased cars and EVSE equipment are getting absolutely nothing.
Would this be a cash rebate (if not taken at point of sale) or a tax credit on a personal return?
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