The NJ electric vehicle tax exemption is one of the many reasons why an EV might be a worthwhile investment for you. Read on for more information about this perk and other great benefits.
What Is the NJ Electric Vehicle Tax Exemption?
The New Jersey Sales and Use Tax Act imposes tax on nearly every retail transaction, but certain exemptions are available. The EV tax exemption, when implemented, will help save you from paying the 6.625% sales tax for new or used vehicles within the state. Learn more here.
Eligibility
The provision eliminates sales taxes for purchased, rented, or leased vehicles obtained on or following May 1, 2004. Medium or heavy-duty vehicles, however, must have been secured after March 1, 2021 to qualify. Eligible autos must meet zero-emissions vehicle standards set forth by the California Air Resources Board and certified by the New Jersey Department of Environmental Protection (DEP).
In general, qualifying vehicles do not emit greenhouse gases like carbon dioxide when they are being operated. These EVs are powered primarily by batteries or fuel cells. Hybrid vehicles do not qualify. Neither do parts or labor for the EV.
Process
The DEP provides a list of vehicles that qualify. If your auto is on the list, you should have your dealership complete an Exempt Use Certificate (Form ST-4) and reference statute N.J.S.A. 54: 32-B-8.55. If you purchase a used car and register it with the Motor Vehicle Commission, you will likely need a copy of the certificate with the included statute reference.
Additional EV Benefits
Even more benefits are available for New Jersey EV drivers. You can drive a vehicle with lower maintenance costs than gas-powered vehicles when choosing electric. Also, you will be able to save on NJ fuel costs, as charging your EV can be the more affordable option. Do you want to reduce emissions? Buying an electric car is a great way to do so!
Other Electrifying Benefits
EVs have fewer parts and owners typically enjoy lower lifetime maintenance costs. And with the price of gasoline in constant flux, saving yourself expensive trips to the gas station is always a plus. Because they’re less reliant on gasoline, both EVs and hybrids can deliver much better fuel efficiency as well. The hybrid-powered Lexus RX 350h, for example, serves up an impressive 36 mpg of combined fuel economy.
Perhaps most importantly in the long-term, EVs and hybrids contribute to a cleaner and healthier future for the entire planet.
Find a Lexus EV in Englewood, NJ
Invest in your auto future today. Visit DARCARS Lexus of Englewood and browse an evolving inventory of efficient Lexus electric vehicle for sale in Englewood, NJ.
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