Bill > A02493

This bill establishes a tax credit for members of condominium management associations and cooperative housing corporations who install electrical outlets for charging electric cars in their parking garages. Specifically, the bill provides a tax credit of 55% of the expenditure for purchasing and installing electric car charging outlets, with a maximum credit of $5,000, for taxable years between 2026 and 2030. The credit applies to various types of electrical outlets, including 120-volt and 240-volt outlets, and dedicated charging stations specifically designed for electric vehicles. Residents can claim a proportionate share of the total expense based on their principal residence within the state. The bill defines "electric cars" as motor vehicles propelled by electric motors using battery or energy storage devices, excluding personal mobility devices. If the tax credit amount exceeds the taxpayer's tax for that year, the excess can be carried over to subsequent years. The credit will be reduced if a federal income tax credit also applies, ensuring that the combined credits do not exceed 55% of the expenditure or $7,000, whichever is less. Grants received for the installation that are not included in the taxpayer's gross income will not be counted when calculating the expenditure. The act will take effect 120 days after becoming law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2493