Bill > A4702

This bill phases out the sales and use tax exemption on zero emission vehicles and repeals the annual sales tax holiday for certain school supplies and sport or recreational equipment. Specifically, the bill does the following: 1. Gradually phases out the sales tax exemption on zero emission vehicles, with a 3.3125% tax imposed on such vehicles sold between October 2024 and June 2025, and the full sales tax rate applying to zero emission vehicles sold after July 2025. 2. Requires motor vehicle franchisors and franchisees to report annually to the Division of Taxation on the number of zero emission vehicles sold and the sales tax amounts remitted. 3. Repeals the annual sales tax holiday for certain school supplies and sport or recreational equipment that was enacted in 2022. The bill aims to modify existing sales tax exemptions and holidays in New Jersey.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A4702