Sponsored by:
Senator VIN GOPAL
District 11 (Monmouth)
Co-Sponsored by:
Senator Diegnan
SYNOPSIS
Modifies eligibility for electric vehicle incentive program; appropriates $30 million to Plug-In Electric Vehicle Incentive Fund.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the light duty plug-in electric vehicle incentive program, supplementing P.L.2019, c.362 (C.48:25-1 et al.), and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding any other provision of law, or any rule or regulation adopted pursuant thereto to the contrary, a light duty plug-in electric vehicle that was purchased or leased between June 1, 2022 through July 25, 2022 shall retroactively qualify for an incentive under the light duty plug-in electric vehicle incentive program, if the vehicle would otherwise have been eligible under the program.
2. There is appropriated $30 million from the General Fund to the “Plug-In Electric Vehicle Incentive Fund” established pursuant to section 7 of P.L.2019, c.362 (C.48:25-7).
3. This act shall take effect immediately.
STATEMENT
This bill would allow for the payment of the one-time incentive for the purchase of a light duty plug-in electric vehicle for vehicles that were purchased between June 1, 2022 and July 25, 2022. Under the existing incentive program, $30 million per year is made available. However, demand for the incentives has outstripped the available funding and purchasers of otherwise eligible vehicles who purchased between June 1, 2022 and July 25, 2022 were not able to receive the incentive due to lack of funding. This bill would expand eligibility retroactively to eligible electric vehicles purchased or leased between June 1, 2022 through July 25, 2022. Current law offers the incentives to new light duty plug-in electric vehicle, with a manufacturer’s suggested retail price of below $55,000, purchased or leased after the effective date of P.L.2019, c.362 (C.48:25-1 et al.) and registered in New Jersey.
The bill also provides a one-time supplemental appropriation of $30 million to the Plug-in Electric Vehicle Incentive Fund established pursuant to section 7 of P.L.2019, c.362 (C.48:25-7).