This bill introduces tax credits for both corporation business tax and gross income tax in New Jersey for the purchase and installation of electric vehicle charging stations. The credits are structured to incentivize taxpayers to invest in these charging stations over three tax periods: for 2014, taxpayers can receive a credit of 25% of the installation cost, up to $500 per station; for 2015, the credit decreases to 15% of the cost, up to $300; and for 2016, it further reduces to 8% of the cost, up to $150. Additionally, the bill allows for gross income tax credits for charging stations that do not necessarily have to be used for business purposes, with similar percentages and caps, and specifies that married taxpayers filing separately will receive half of the standard credit amounts.

To qualify for these tax credits, taxpayers must apply for certification from the Commissioner of Environmental Protection, providing details such as the purchase date, description of the vehicles using the station, the amount paid, and proof of installation. The Commissioner has 90 days to determine the certification, which must be included when filing tax returns that claim the credit. The bill aims to promote the use of electric vehicles and the necessary infrastructure to support them, thereby contributing to environmental sustainability efforts in New Jersey.