A 3565
Provides corporation business tax credits and gross income tax credits for purchase of certain compressed natural gas vehicles.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates tax credits for New Jersey businesses and taxpayers to encourage the purchase of compressed natural gas (CNG) vehicles. Corporations can receive a business tax credit and gross income tax credit for purchasing CNG passenger cars and Class 8 CNG trucks. The amount of the credit decreases annually, starting at $3,500 for 2023, $2,500 for 2024, and $1,500 for 2025. Personal income taxpayers can also receive a credit for purchasing CNG passenger vehicles, with similar decreasing amounts over the three-year period. To qualify, vehicles must be certified by the Commissioner of Environmental Protection.
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