Hybrid vehicle tax exemption bill earns thumbs down from tax panel

TRENTON – The Sales and Use Tax Review Commission panned legislation that would provide tax exemptions for hybrid vehicles.

With the exception of one member recusing himself, all the others voted no on recommending S2193, sponsored by Sens. Paul Sarlo, (D-36), Wood-Ridge and Bob Smith, (D-17), Piscataway.

Much of those votes had to do with a projected $4.4 million loss in revenue for this year, if the exemptions go into effect. That projection is from the Office of Revenue and Economic Analysis.

Members were concerned there was nothing in the bill that would help offset that revenue loss.

Also, other members were concerned about golf carts being technically eligible for such exemptions – like in Oklahoma – as they are allowed under IRS guidelines.

Among other components, the bill would provide a 100 percent tax exemption for the purchase and installation of refueling stations.

 

Hybrid vehicle tax exemption bill earns thumbs down from tax panel