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NJ Lawmaker Wants To Give Electric Car Industry A Jump-Start

With the price of gasoline continuing to spike higher and higher, the Jersey Assembly has passed a measure designed to give the electric car industry a boost.

Justin Sullivan, Getty Images

Legislation sponsored by Assemblywoman Connie Wagner would offer various tax credits to individuals and businesses that purchase and install electric car charging stations.

Under the bill, charging stations purchased and installed in 2013 will be allowed a credit in an amount of 25 percent of the cost, up to 500 dollars per electric vehicle charging station; for a charging station purchased and installed in 2014 the credit is 15 percent of the cost, up to 300 dollars per charging station; and for a charging station purchased and installed in 2015 the credit is eight percent of the cost, up to 150 dollars per station.

The bill also provides a gross income tax credit for a charging station purchase that is not required to be for business use. The credit for 2013 is 25 percent of cost, up to 500 dollars, for 2014 it’s 15 percent of cost, up to 300 dollars, and for 2015 it’s 8 percent of cost, up to 150 dollars for the purchase and installation of a charging station.

Assemblywoman Wagner says “we want the electric car industry to succeed here, and we need to have a place that you can charge the cars…we’re looking for malls and certain gas stations that would also be willing to do this.”

She says “if we’re looking for new ways to preserve our environment – to not be so dependent on foreign oil, this is another way of doing it…is this going to happen overnight? No, I don’t think it’s going to happen overnight – but I think you have to have a vision – a long term vision…I envision that the electric car industry will start with maybe a second car- or maybe a car that people that work close to home can use that car to get back and forth…it’s not going to be easy to use for long driving… but if we start now, we will be ready for it- and this is just one way to do it.”

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