Important changes in the sales and use tax on zero-emission vehicles coming soon in New Jersey: the state introduces a 3.3125% sales tax from October 1 of this year, to be doubled to 6.625% on July 1, 2025. Sales and use tax changes apply to zero-emission vehicles sold, rented, or leased in New Jersey. Partial zero-emission vehicles, such as plug-in hybrids, remain subject to taxes to the full extent.
Businesses selling zero-emission vehicles in New Jersey must prepare to properly tax qualifying vehicles by October 1. Don't get caught unaware of this change. Our tax experts can help you navigate these new regulations. Contact us today for personalized advice on how these changes affect your business.
Consumers beware - this change is likely to increase retail prices on electric cars.