Bill Text: NJ A1364 | 2018-2019 | Regular Session | Introduced
Bill Title: Provides gross income tax credit to persons purchasing or leasing alternative fuel vehicles.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2018-01-09 - Introduced, Referred to Assembly Environment and Solid Waste Committee [A1364 Detail]
Download: New_Jersey-2018-A1364-Introduced.html
STATE OF NEW JERSEY
218th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2018 SESSION
Sponsored by:
Assemblyman JAMES J. KENNEDY
District 22 (Middlesex, Somerset and Union)
Assemblyman TIM EUSTACE
District 38 (Bergen and Passaic)
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
Co-Sponsored by:
Assemblywoman Pintor Marin
SYNOPSIS
Provides gross income tax credit to persons purchasing or leasing alternative fuel vehicles.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act providing credits against the gross income tax to persons purchasing or leasing qualified alternative fuel vehicles and supplementing Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. As used in this section:
"Eligible taxpayer" means a person whose household income is equal to or less than $100,000 when filing for federal income tax purposes as single or married filing separately, or $200,000 when filing for federal income tax purposes as married filing jointly, a surviving spouse, or single head of household.
"Qualified alternative fuel vehicle" means an alternative fuel vehicle certified as qualified for the tax credit by the Commissioner of Environmental Protection pursuant to subsection e. of this section, including, but not necessarily limited to, a fuel-cell vehicle, electric vehicle, compressed natural gas vehicle, or a plug-in hybrid vehicle. "Qualified alternative fuel vehicle" shall not include any hybrid vehicle other than a plug-in hybrid vehicle.
b. An eligible taxpayer shall be allowed a credit against the tax otherwise due for the taxable year under the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount up to $5,000 and equal to the dollar amount as certified by the Department of Environmental Protection for the purchase, or lease for at least 30 months, of a qualified alternative fuel vehicle by the eligible taxpayer for personal use during a taxable year commencing after the effective date of this act and as provided for in subsections c. and e. of this section.
c. A low-income eligible taxpayer whose household income is less than 300 percent of the federal poverty level for the taxable year in which the purchase or lease of a qualified alternative fuel vehicle is made, shall be eligible for an additional $1,500 to be included in the dollar amount of the tax credit certified pursuant to subsection e. of this section.
d. When the amount of the credit herein provided to which any eligible taxpayer is entitled for any tax year exceeds the amount of the tax for which the eligible taxpayer is liable for the same tax year, such excess shall be allowed as a credit. The amount of the credit allowed pursuant to this section shall be applied against the tax otherwise due under N.J.S.54A:1-1 et seq. after all other credits and payments. If the credit exceeds the amount of tax otherwise due, that amount of excess shall be an overpayment for the purposes of N.J.S.54A:9-7, provided however, subsection (f) of N.J.S.54A:9-7 shall not apply.
e. In order to qualify for any tax credit pursuant to this section, the taxpayer shall apply for a certification from the Commissioner of Environmental Protection that certifies:
(1) the vehicle purchased or leased for at least 30 months is a qualified alternative fuel vehicle; and
(2) the dollar amount of the tax credit, as determined by the Department of Environmental Protection for the applicable type of alternative fuel vehicle, plus the additional $1,500 for a low-income eligible taxpayer, if applicable.
The application and the certification shall specifically indicate the date of the purchase or the date on which the lease began, the length of the lease if applicable, a description of the vehicle, and the eligible taxpayer's income information.
Upon certification, the Commissioner of Environmental Protection shall submit a copy of the certification to the taxpayer and the Director of the Division of Taxation. When filing a tax return that includes a claim for a credit pursuant to this section, the taxpayer shall include a copy of the certification and a statement that the qualified alternative fuel vehicle is in use by the eligible taxpayer in the applicable tax year. The Commissioner of the Department of Environmental Protection, in consultation with the Director of the Division of Taxation, shall adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations establishing technical specifications and certification requirements for the qualification of alternative fuel vehicles and the credit dollar amounts to be assigned to individual types of alternative fuel vehicles for the credit established pursuant to this section.
f. On or before January 31 of each year, the Commissioner of Environmental Protection shall submit a report to the Governor, the State Treasurer, and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), the Legislature setting forth the number of certifications that were approved during the preceding calendar year and the amount of tax credit provided per vehicle which has been certified as qualifying for the credit.
2. This act shall take effect immediately.
STATEMENT
This bill establishes:
1) a tax credit of up to $5,000 for the purchase, or lease for at least 30 months, of a qualified alternative fuel vehicle by an eligible taxpayer for personal use; and
2) an additional tax credit of $1,500 for a low-income eligible taxpayer whose household income is less than 300 percent of the federal poverty level for the taxable year in which the purchase or lease is made.
The bill defines:
1) an eligible taxpayer as a person whose household income is equal to or less than $100,000 when filing for federal income tax purposes as single or married filing separately, or $200,000 when filing for federal income tax purposes as married filing jointly, a surviving spouse, or single head-of-household; and
2) a qualified alternative fuel vehicle as an alternative fuel vehicle certified as qualified for the tax credit by the Commissioner of Environmental Protection and including a fuel-cell vehicle, electric vehicle, compressed natural gas vehicle, or a plug-in hybrid vehicle, but not any hybrid vehicle other than a plug-in hybrid vehicle.
