Bill > S08113

This bill establishes a tax credit for New York state residents who purchase new and used electric vehicles, effective January 1, 2026. The tax credit will provide $7,500 for new electric vehicles and $4,000 for used electric vehicles, which can be applied against state income taxes. The bill defines "electric vehicles" as motor vehicles propelled by electric motors using battery or energy storage devices, explicitly excluding electric personal assistive mobility devices. If the tax credit amount exceeds a taxpayer's tax liability for a given year, the excess can be carried over to subsequent years. The bill also specifies that any federal, state, or local grants received for the vehicle purchase that were not included in the taxpayer's gross income will not be counted when calculating the credit amount. This legislation aims to incentivize electric vehicle adoption by providing financial relief to taxpayers who purchase these environmentally friendly vehicles, potentially reducing carbon emissions and promoting sustainable transportation options in New York state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8113