BILL NUMBER: S8113
SPONSOR: COONEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a tax credit
for the purchase of new and used electric vehicles
 
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this act is to offer in New York a tax credit for the
purchase of electric vehicles equal and equivalent to the existing
federal tax credit.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 adds a new subdivision 61 to
Section 210B of the tax law to provide for a $7,500 tax credit for the
purchase of a new electric vehicle, and a $4,000 credit for a used elec-
tric vehicle.
Section 2 makes similar conforming changes to Section 606 of the tax law
Section 3 amends subparagraph B of paragraph 1 of subsection i of
Section 606 of the tax law. Section 4 sets the effective date.
 
JUSTIFICATION:
While purchasers of qualified new or used electric vehicles can current-
ly take advantage of a tax credit at the federal level, this is not
guaranteed to continue into the future. Tax credits give additional
incentive for individuals to purchase electric vehicles, driving up the
number of EVs sold, and helping the state get closer to its stated CLCPA
goals.
However, this federally provided tax credit is currently under threat of
being repealed. This bill will codify into state law a new state tax
credit, which is equal in value to the existing federal credit.
Purchasers of a new EV would be eligible to a $7,500 tax credit, while
purchasers of a used EV would be eligible to a $4,000 credit.
 
PRIOR LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
TBD
 
EFFECTIVE DATE:
This act shall take effect 120 days after it shall have become a law.

Statutes affected:
S8113: 210-B tax law, 606 tax law, 606(i) tax law