This bill proposes the establishment of corporation business tax and gross income tax credits in New Jersey for the purchase and installation of electric vehicle charging stations, as well as for the acquisition of commercial zero emission vehicles. Taxpayers will be eligible for a credit equal to 50 percent of the costs incurred for purchasing and installing electric vehicle charging stations, capped at $1,000 per station. Additionally, taxpayers can receive a credit for 50 percent of the difference between the cost of a qualified commercial zero emission vehicle and a comparable conventionally fueled vehicle, with specific caps based on the vehicle's weight: $25,000 for vehicles under 14,000 pounds, $50,000 for those between 14,001 and 26,500 pounds, and $100,000 for vehicles over 26,500 pounds.

To qualify for these credits, taxpayers must submit an application to the Commissioner of Environmental Protection for certification, which includes details about the purchase and installation of the charging station or vehicle. The Commissioner has 90 days to process the application and issue a certification. The credits are non-refundable but can be carried forward for up to seven years if not fully utilized in the initial tax period. The bill is set to take effect immediately and will be available for a five-year period starting January 1 following its enactment.