Bill > A08832

This bill establishes a tax credit for the purchase of electric vehicles in New York State, effective January 1, 2026, providing a $7,500 credit for new electric vehicles and a $4,000 credit for used electric vehicles. 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. Taxpayers can carry forward any excess credit to subsequent tax years if the credit amount exceeds their current year's tax liability. The bill 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. The legislation amends existing tax law to incorporate these provisions, ensuring that the credits can be applied against both personal income tax and corporate franchise tax. The bill will take effect 120 days after becoming law, with immediate authorization for preparing necessary implementation regulations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8832