WeVote
Log In

Bill

Bill

S 4558

Provides corporation business tax credit and gross income tax credits for purchase and installation of certain electric vehicle charging stations.

2026-2027 Regular Session Introduced by Nilsa Cruz-Perez

New Jersey bill S 4558 creates CBT and GIT tax credits to help businesses and individuals cover the purchase and installation costs of qualifying EV charging stations.

0
WeVote Research Nonpartisan
Bill Summary · S 4558

Overview

S 4558 (New Jersey, Session 222) establishes tax credits for the purchase and installation of certain electric vehicle (EV) charging stations. The bill provides both Corporation Business Tax (CBT) credits and Gross Income Tax (GIT) credits to eligible taxpayers who invest in qualifying EV charging infrastructure. Co-sponsor: Nilsa Cruz-Perez.

Purpose and intent

  • Promote the deployment of EV charging infrastructure to support widespread adoption of electric vehicles.
  • Provide targeted financial incentives to businesses and individuals to offset capital costs of purchasing and installing charging stations.
  • Complement broader state efforts to reduce greenhouse gas emissions and improve transportation electrification.

Key provisions

  • Tax credits authorized:
    • Corporation Business Tax (CBT) credit for eligible corporations/investors.
    • Gross Income Tax (GIT) credit for eligible individuals or pass-through entities subject to the GIT.
  • Eligible expenditures:
    • Purchase of qualifying EV charging stations.
    • Installation costs necessary to make the charging stations functional.
  • Credit amount and limit:
    • The bill specifies the total credit amount available and any per-project or per-taxpayer caps (exact dollar figures and caps would be defined in the text; not provided here).
    • Potential construction/installation milestones or project completion requirements may apply.
  • Eligibility criteria:
    • Credits likely limited to charging stations that meet specified technical standards (e.g., commercial-grade, networked or metered charging capability, capable of providing a certain minimum kW).
    • Possible requirements regarding location (e.g., designated public or workplace charging sites) and project timelines.
  • Transferability and recapture:
    • Provisions may address whether credits can be carried forward, transferred, or sold.
    • Recapture or credit cessation provisions if project ceases operation, is relocated, or fails to meet ongoing requirements.
  • Interaction with other incentives:
    • Provisions clarifying whether the credits can be claimed in addition to federal incentives (e.g., ITC) and how they interact with other state or local programs.

Who would be affected

  • Taxpayers subject to New Jersey CBT (corporations, financial institutions, and certain businesses) may claim CBT credits.
  • Taxpayers subject to the New Jersey GIT (individuals, including residents and certain nonresidents, and pass-through entities) may claim GIT credits.
  • Eligible project developers, business owners, property managers, and organizations investing in EV charging infrastructure to qualify for the credits.
  • Providers or operators of charging networks who invest in eligible installations.

Procedural and timeline aspects

  • Effective date: The bill would specify when the credits take effect (e.g., upon enactment or a future effective date) and whether there are sunset provisions.
  • Application process: Taxpayers would apply through the standard CBT or GIT credit processes, with required documentation to verify eligible costs, equipment, and installation.
  • Compliance and verification: Duplicative or fraudulent claims would be subject to penalties or recapture provisions; the bill may authorize the state to audit or verify project expenditures.
  • Sunset or renewal: The bill may include a sunset date for the credits or a mechanism for renewal or extension based on performance or budget considerations.

Potential impact

  • Financial: Reduces after-tax cost of EV charging projects for eligible taxpayers, potentially accelerating private investment in charging infrastructure.
  • Market and accessibility: Could increase the availability of charging at workplaces, businesses, and public or multi-unit dwellings.
  • Environmental: Supports state goals for reducing transportation emissions and advancing clean energy adoption.

Note: Specific dollar amounts, caps, eligibility thresholds, and operational details would be defined in the bill's text. For precise figures and requirements, consult the enacted language of S 4558.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.