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 until October 1, 2024, after which a tax of 3.3125 percent will be imposed on sales made until July 1, 2025. Following that date, the standard sales tax rate will apply to zero-emission vehicle sales. Additionally, the bill mandates that the Commissioner of Environmental Protection certify which vehicles qualify as zero-emission vehicles based on California Air Resources Board standards.

Furthermore, the bill requires all 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 from these sales. It also includes a provision to repeal a previous law 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