Federal Inflation Reduction Act 2022 "Clean Vehicle Credit" New Jersey EV Act 2020 Eligible New EVs and Criteria Electric cars, sedans, wagons up to $55,000 MSRP As of February 3, 2023, purchased and delivered after December 31, 2022, SUVs, vans, pickup trucks up to $80,000 MSRP New, light-duty plug-in vehicle below $55,000 MSRP Purchased/leased in NJ at a participating dealership Must take delivery on or after launch of FY23 Program Registered in NJ to a NJ resident PHEVs Included Excluded as of December 31, 2022 Used EVs Included (different requirements from new EVs) Excluded Dollar Incentives Tax credit up to $7,500 MSRP up to $45,000, incentive <$4,000 MSRP between $45,001 and $55,000 incentive < $2,000 ($25 per mile of EPA-rated all-electric range) Incentive Applied 2023: a tax credit on federal tax liability A reduction on vehicle price provided at Point of Sale Funding Not applicable Annual $30m, 10-yr, non-lapsing Plug-In Vehicle Incentive Fund Timeline to Qualify August 17, 2022–December 2032 July 25, 2022–until depletion of year's funding Income Requirement (New EVs) $150,000 individual; $225,000 head of household; $300,000 joint Not applicable Assembly Requirements Assembled in USA Not applicable EV Type & Assembly Verification Tool AFDC for VIN decoder and verification Not applicable Battery Requirements Not enforced yet (regulations expected March 2023) Not applicable ELECTRIC VEHICLE INCENTIVES 34 new jersey auto retailer
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