This bill amends existing legislation regarding the sales tax on zero-emission vehicles in New Jersey. It establishes a temporary sales tax exemption for zero-emission vehicles sold from the effective date of the law until October 1, 2024. After this date, a tax of 3.3125 percent will be imposed on sales made between October 1, 2024, and July 1, 2025. Following July 1, 2025, the standard sales tax rate will apply to these vehicles. Additionally, the Commissioner of Environmental Protection is tasked with certifying which vehicles qualify as zero-emission under the California Air Resources Board standards.

The bill also requires motor vehicle franchisors and franchisees to report annually to the Division of Taxation the number of zero-emission vehicles sold and the tax amounts collected. Furthermore, it repeals a previous law (P.L.2022, c.21) related to zero-emission vehicles. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 54:32B-8.55
Advance Law: 54:32B-8.55
Pamphlet Law: 54:32B-8.55