Provides corporation business tax credits and gross income tax credits for purchase of certain hydrogen fuel cell vehicles.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates tax credits for corporations and individuals in New Jersey to encourage the purchase of hydrogen fuel cell vehicles. It provides corporation business tax credits and gross income tax credits for the purchase of qualifying hydrogen fuel cell vehicles. The credits decrease over time, offering 25%, 15%, and 8% of the vehicle's cost, up to $15,000, $9,000, and $5,000 respectively, beginning in 2023, 2024, and 2025. Taxpayers must obtain certification from the Commissioner of Environmental Protection to qualify for the credits.
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