Senate Environment Committee Advances Bill to Spur Business Investment in EV Charging

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Environment New Jersey

Trenton – Today, the Senate Environment Committee advanced a bill that will make it more affordable for businesses to purchase and install electric vehicle charging stations. The bill, sponsored by Senator Lisa Greenstein, is another step towards building out New Jersey’s statewide network of electric vehicle charging stations.

The bill will encourage businesses to install electric vehicle (EV) charging stations by providing them with corporation business tax credits and allowing for gross income tax deductions for the purchase and installation of EV charging stations. Both the credit and deduction are available for only the first three tax years on or after the bill is signed into law, in an effort to jumpstart the market for electric vehicle charging stations. The value of the corporation business tax credit and the gross income tax deduction decrease in each of the three tax years they are available.

Hayley Berliner, Clean Energy Associate with Environment New Jersey, issued the following statement: 

“New Jersey is falling behind other states in terms of electric vehicle charging infrastructure per capita  because the EV infrastructure is not simple to purchase and install. Range anxiety is one of the most commonly cited reasons as to why people are concerned about buying an electric vehicle. If we want to increase the number of electric vehicles on New Jersey roads and hit the EV mandates of the Murphy administration, we need to focus on building out EV charging infrastructure. This bill is another great step in that direction.

“Thank you to Senator Greenstein for her leadership on this bill to help electrify New Jersey’s roads. We look forward to swift passage through the Senate and the Assembly.”