The electric vehicle is the future of the automotive industry. That's why more and more car manufacturers are crafting EVs. But many people are still reluctant to buy one. Therefore, tax incentives can be offered by both the state and federal governments to entice shoppers. To learn what tax incentives are available for New Jersey EV shoppers, continue reading.
Available Tax Incentives on Electric Vehicles in New Jersey
In New Jersey, there are several tax incentives when buying a new EV. The state offers a $2,000 tax incentive and exempts shoppers from state sales tax. Additionally, there's a rebate of up to $1,500 for models between $45,000 and $55,000. The rebate is increased to $4,000 for vehicles priced below $45,000. On top of that, the federal government will also offer a tax credit of up to $7,500.
Eligible Recipients - Who Can Qualify for EV Tax Credits?
To qualify for an EV tax credit, individuals or their businesses must purchase the model for use in the U.S. Also, your adjusted gross income (AGI) can't exceed a certain amount.
- $300,000 for married couples
- $225,000 for heads of households
- $150,000 for all other filers
How to Claim the Federal EV Tax Credit
To claim the tax credit for a new EV, there are several forms to fill out. Claiming the vehicle credit requires filing form 8936 with your tax return and providing your vehicle's VIN. For the charging equipment, you need to fill out IRS form 89112. The tax credit applies to both residential and commercial installations.
Qualified Toyota Electric Vehicle Models
If you're interested in purchasing an EV model, Toyota has the perfect one, the new bZ4X. The Toyota bZ4X is a small SUV that offers comfortable seating for five people and loads of technology, making it a must-own. Along with an impressive range of up to 252 miles, the bZ4x offers a 12.3-inch touchscreen, navigation, and a six-speaker stereo.
Shop for an EV at Our Jersey City, NJ Dealership
Interested in switching to an EV model and taking advantage of the tax incentives? If so, come to Hudson Toyota. Our team will set you up with a test drive and answer any questions you have. We look forward to helping you find your next EV!
