Bill > S2866

Introduced Session

This bill provides corporation business tax credits and gross income tax credits for the purchase of certain hydrogen fuel cell vehicles. The credits are available to both businesses and individuals. The credits are available for the taxpayer tax periods beginning in calendar years 2023, 2024 and 2025. For hydrogen fuel cell vehicles purchased in 2023 tax periods, a taxpayer will be allowed a credit in an amount of 25 percent of the cost, up to $15,000 per vehicle. For vehicles purchased and installed in 2024 tax periods, the credit is 15 percent of the cost, up to $9,000 per vehicle. For a vehicle purchased and installed in 2025 tax periods, the credit is eight percent of the cost, up to $5,000 per vehicle. To qualify for the bill's tax credits, the taxpayer must file an application for a certification with the Commissioner of Environmental Protection that the hydrogen fuel cell vehicle purchased by the taxpayer is a qualified hydrogen fuel cell vehicle. Hydrogen fuel cell vehicles are electrically powered and they produce only water vapor as an emission. Hydrogen fuel cell vehicles typically have a longer range than battery-powered electric vehicles and they can be refueled in approximately the same time and manner as a gasoline-powered vehicle. This bill would encourage New Jersey businesses to purchase hydrogen fuel cell vehicles by defraying their purchase costs.

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Committee Categories

Brian Stack (D)*, 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 03/04/2024)

Official Document