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  • NJ A2397
  • Provides corporation business tax credits and gross income tax credits for purchase of fuel cell vehicles.
Introduced
(2/4/2016)
In Committee
(2/4/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would provide corporation business tax credits and gross income tax credits for the purchase of fuel cell vehicles. The tax credits are available for purchases made in tax years beginning in 2014, 2015, and 2016. For business entities, the bill provides a credit for the purchase of fuel cell vehicles. Each credit is available under the corporation business tax and gross income tax. To qualify for these credits, the business entity taxpayer must use the vehicle directly and exclusively in the taxpayer's business, trade, or occupation. These business credits are allowed for tax years beginning in a three year period and are gradually reduced each year. For fuel cell vehicles purchased in a tax year beginning in 2014 a business taxpayer is allowed a credit of up to $5,000. For fuel cell vehicles purchased in a tax year beginning in 2015 a business taxpayer is allowed a credit of up to $3,000. For fuel cell vehicles purchased in a tax year beginning in 2016 a business taxpayer is allowed a credit of up to $2,000. For personal income taxpayers, the bill provides a gross income tax credit for the purchase of fuel cell vehicles. These personal income taxpayer credits are allowed for tax years beginning in a three year period and are gradually reduced each year. For fuel cell vehicles purchased in a tax year beginning in 2014 a personal income taxpayer is allowed a credit of up to $5,000. For fuel cell vehicles purchased in a tax year beginning in 2015 a personal income taxpayer is allowed a credit of up to $3,000. For fuel cell vehicles purchased in a tax year beginning in 2016 a personal income taxpayer is allowed a credit of up to $2,000. The bill limits personal income taxpayers to one of these credits per tax year, except joint filers are allowed two credits per tax year. To qualify for any of the credits allowed under this bill a taxpayer must file an application for a certification from the Commissioner of Environmental Protection that the vehicle purchased by the taxpayer qualifies as a fuel cell vehicle. The bill defines a "fuel cell vehicle" as a motor vehicle that uses a fuel cell powered by hydrogen to produce electricity to power the vehicle's motor. Fuel cell vehicles can be fueled with pure hydrogen gas stored directly on the vehicle or extracted from a secondary fuel, such as methanol, ethanol, or natural gas, that carries hydrogen. These secondary fuels must first be converted into hydrogen gas by an onboard device called a reformer. Fuel cell vehicles fueled with pure hydrogen emit no pollutants, only water and heat. Vehicles that use secondary fuels and a reformer produce only small amounts of air pollutants. Fuel cell vehicles and the hydrogen infrastructure to fuel them are in an early stage of development. Most of the few currently operating hydrogen fueling stations are in California. This bill would encourage the development and commercialization of fuel cell vehicles and their supporting hydrogen infrastructure.
Environment and Solid Waste
Introduced, Referred to Assembly Environment and Solid Waste Committee  (on 2/4/2016)
 
 

Date Chamber Action Description
2/4/2016 A Introduced, Referred to Assembly Environment and Solid Waste Committee
Date Motion Yea Nay Other
None specified