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 original law until October 1, 2024. After this date, a tax of 3.3125 percent will be imposed on sales of these vehicles until July 1, 2025, after which the standard sales tax rate will apply. Additionally, the Commissioner of Environmental Protection is tasked with certifying which vehicles qualify as zero-emission under California's 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 related to zero-emission vehicles, streamlining the regulatory framework. 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