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Application bFormb - Drive Green bNJb 2025

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The document outlines New Jersey's Electric Vehicle Workplace Charging Grant Program, which provides financial assistance to employers for purchasing and installing Level 1 and Level 2 electric vehicle charging stations. The program aims to promote the use of electric vehicles among employees, thereby reducing emissions. It details eligibility criteria, reimbursement amounts, application procedures, and requirements for grant applicants.

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How to qualify for federal EV tax credit?

To qualify, a vehicle must: Have a battery capacity of at least 7 kilowatt hours. Have a gross vehicle weight rating of less than 14,000 pounds. Be made by a qualified manufacturer. Undergo final assembly in North America. Meet critical mineral and battery component requirements (as of April 18, 2023)

What is the federal tax credit for electric cars?

Who qualifies. You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.

What is the $7500 EV tax credit?

If you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D. The credit equals: $2,917 for a vehicle with a battery capacity of at least 5 kilowatt hours (kWh)

How does EV tax credit work if I dont owe taxes?

If you dont owe any money on your income taxes, the only way to take advantage of the federal EV tax credit on a car is to transfer it to the dealership youre buying from. It then can be applied as a discount on the purchase.