NJ News Spotlight
By John Reitmeyer
October 1, 2024
EVs were exempt from sales taxes. Now buyers will pay half of standard tax
Starting Tuesday, consumers shopping for electric vehicles in New Jersey will no longer get the full benefits of a popular tax break that had been in place for the last two decades.
Instead, a change in tax policy enacted earlier this year by Gov. Phil Murphy and fellow Democrats who control the Legislature cuts in half a full exemption from the state’s sales tax when purchasing, leasing or renting new and used electric vehicles.
As a result, from Oct. 1 through June 30, 2025, a 3.3125% tax will be levied in New Jersey on such transactions, according to a notice posted online by the state Division of Taxation.
View the full article: NJNewsSpotlight.org
Comments