Monday, March 12, 2012

Wagner, Coughlin, Fuentes & Vainieri Huttle Bill to Provide Tax Credits for Buying & Installing Electric Vehicle Charging Stations Advanced by Assembly Committee

(TRENTON) – Assembly Democratic legislation sponsored by Connie Wagner, Craig J. Coughlin, Angel Fuentes and Valerie Vainieri Huttle to promote electric vehicle usage by providing corporation business tax credit and gross income tax credits for buying and installing electric vehicle charging stations was advanced Monday by an Assembly panel.
The bill (A-566) was released by the Assembly Appropriations Committee.
                “It’s clear that electric cars can play a lead role in tackling some of our biggest concerns, whether it be our reliance on foreign oil or environmental and health concerns,” said Wagner (D-Bergen). “This bills will help steer New Jersey in the right direction.”
                “We should be doing all we can to promote electric car usage and purchases in New Jersey,” said Coughlin (D-Middlesex). “This bills isn’t a cure-all, but it’s certainly a great stride toward making New Jersey a friendly state for electric cars, and that’s a great thing.”
                “We’ve heard all too often about the serious health concerns facing many children in congested urban areas, and we know some of that comes from exhaust pollution,” said Fuentes (D-Camden/Gloucester). “This bill will finally push our state in the right direction toward making it easier to buy and use electric cars.”
                “This is a sensible and response way to promote the purchases of electric cars in New Jersey, which helps our economy and environment,” said Vainieri Huttle (D-Bergen). “This is a great start toward a smart future for New Jersey.”
                Under the bill, charging stations purchased and installed in 2013 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 2014 the credit is 15 percent of the cost, up to $300 per charging station; and for a charging station purchased and installed in 2015 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 2013 is 25 percent of cost, up to $500, for 2014 it’s 15 percent of cost, up to $300 and for 2015 it’s 8 percent of cost, up to $150, for the purchase and installation of a charging station. 
                To qualify for the bill’s tax credits the taxpayer must 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.
                The bill was released 7-2 by the Assembly Appropriations Committee.

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