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The Murphy administration says it wants all cars sold in New Jersey to be electric by 2035. But it just ended a big financial incentive for buyers.
As of March 2022, the state government awards up to $5,000 in tax rebates for each electric vehicle purchase [6] and offers other incentives such as exempting zero emission vehicles from state sales tax, and giving them HOV lane access and discounts on New Jersey Turnpike and Garden State Parkway tolls. [7]
Combined with Murphy's proposal to phase out the sales tax exemption on electric vehicles, this would significantly add to the sticker price and could lower the incentive among car buyers to go green.
- Sales and use tax exemption for zero-emission vehicles that were sold or leased before Oct. 1, 2024 - Toll discounts for EVs during off-peak hours on the New Jersey Turnpike and Garden State Parkway
Beginning on July 1, 2016, a sales tax exemption applies to the first US$32,000 of the selling price of a qualifying new plug-in electric car, which translates into a tax savings between US$2,600 and US$3,100 for plug-in car buyers depending on where the dealer is located within the state, as the sales tax varies by county.
The Energy Independence and Security Act of 2007 expanded these incentives to include emerging electric vehicle, and plug in hybrid, technology. [4] The Energy Improvement and Extension Act of 2008 only acted to push back tax credit-claiming deadlines and include more electric vehicles in existing incentive programs. [ 4 ]
The Advance Clean Cars II mandate, as described by the California Air Resources Board, plans a phased-in approach where 35% of new vehicle sales in 2026 are electric or plug-in hybrid.
As of September 2014, plug-in electric car purchasers are eligible for a government credit worth up to €5,000 (about US$6,500). Vehicle Registration Tax (VRT), up to €5,000 is also waived for electric cars. Also, all-electric car owners pay the lowest rate of annual road tax, which is based on emissions.