Bill > A4240

Introduced Session

This bill provides corporation business tax credits and gross income tax credits for the purchase of certain hydrogen fuel cell vehicles. The tax credits are available for purchases made in tax years beginning in 2019, 2020, and 2021. For business entities, the bill provides a credit for the purchase of hydrogen fuel cell passenger automobiles and a credit for the purchase of Class 8 hydrogen fuel cell trucks. Each credit is available under the corporation business tax and gross income tax. To qualify for these credits, a business taxpayer must use the vehicle directly and exclusively in the taxpayer's business, trade, or occupation. These business credits are allowed for tax years beginning in a three-year period and are gradually reduced each year. For hydrogen fuel cell passenger automobiles purchased in a tax year beginning in 2019 a business taxpayer is allowed a credit of up to $3,500. For hydrogen fuel cell passenger automobiles purchased in a tax year beginning in 2020 a business taxpayer is allowed a credit of up to $2,500. For hydrogen fuel cell passenger automobiles purchased in a tax year beginning in 2021 a business taxpayer is allowed a credit of up to $1,500. For Class 8 hydrogen fuel cell trucks purchased in a tax year beginning in 2019 a business taxpayer is allowed a credit of up to $25,000. For Class 8 hydrogen fuel cell trucks purchased in a tax year beginning in 2020 a business taxpayer is allowed a credit of up to $15,000. For Class 8 hydrogen fuel cell trucks purchased in a tax year beginning in 2021 a business taxpayer is allowed a credit of up to $7,500. For personal income taxpayers, the bill provides a gross income tax credit for the purchase of hydrogen fuel cell passenger automobiles. These personal income taxpayer credits are allowed for tax years beginning in a three-year period and are gradually reduced each year. For hydrogen fuel cell passenger automobiles purchased in a tax year beginning in 2019 a personal income taxpayer is allowed a credit of up to $3,500. For hydrogen fuel cell passenger automobiles purchased in a tax year beginning in 2020 a personal income taxpayer is allowed a credit of up to $2,500. For hydrogen fuel cell passenger automobiles purchased in a tax year beginning in 2021 a personal income taxpayer is allowed a credit of up to $1,500. The bill limits personal income taxpayers to one of these credits per tax year, except joint filers are allowed two credits per tax year. To qualify for any of the credits allowed under this bill a taxpayer must file an application for a certification from the Commissioner of Environmental Protection that the vehicle or truck purchased by the taxpayer qualifies as a passenger automobile fueled by a hydrogen fuel cell or a Class 8 hydrogen fuel cell truck.

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Committee Categories

Herbert Conaway (D)*,  Eric Houghtaling (D)*,  Gordon Johnson (D)*, 

Introduced, Referred to Assembly Environment and Solid Waste Committee (on 06/25/2018)