DESCRIPTION: Provides corporation business tax credit and gross income tax credits for purchase and installation of certain electric vehicle charging stations.
POSITION: In favor
TO: Senate Energy & Environment Committee
New Jersey League of Conservation Voters supports S2255 that establishes a corporate Business Tax Credit and Gross Income Tax Credits for purchase and installation of certain electronic vehicle charging stations.
Currently 45% of New Jersey’s carbon emissions come from transportation -- the most of any sector in our state. To address this issue, New Jersey joined with eight states to implement the California Zero-Emission Vehicle Program, requiring clean-running cars to be bought and sold in participating states and will need 330,000 EV’s on the road by 2025 to comply.
However, a major barrier to market growth is the lack of available infrastructure to adequately support it. Range anxiety is a major inhibitor to growth, as 63% of car shoppers detail that not enough range and charging locations is a primary detractor, although EV’s can manage 90% of all trips on a single overnight charge.
These tax credits will help the state leverage private funding to expand EV infrastructure, catalyze market and economic growth, and serve foundational to facilitating climate mitigation and action, and improve the public health impacts associated from air pollution and exhaust. This is a wise investment.