Bill Text: NJ S3930 | 2018-2019 | Regular Session | Introduced


Bill Title: Provides gross income tax credit for installation of solar-powered residential hydrogen refueling stations.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2019-06-13 - Introduced in the Senate, Referred to Senate Environment and Energy Committee [S3930 Detail]

Download: New_Jersey-2018-S3930-Introduced.html

SENATE, No. 3930

STATE OF NEW JERSEY

218th LEGISLATURE

 

INTRODUCED JUNE 13, 2019

 


 

Sponsored by:

Senator  TROY SINGLETON

District 7 (Burlington)

 

 

 

 

SYNOPSIS

     Provides gross income tax credit for installation of solar-powered residential hydrogen refueling stations.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act providing a gross income tax credit for the installation of solar-powered residential hydrogen refueling stations and supplementing Title 54A of the New Jersey Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    a.  For privilege periods beginning January 1 next following the date of enactment and thereafter, a taxpayer shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., for the amount paid during the privilege period to purchase and install a solar-powered residential hydrogen refueling station.  The credit allowed pursuant to this section shall be up to $10,000 per refueling station.

     b.    (1)  To qualify for the tax credit allowed pursuant to this section, the taxpayer shall file an application for a certification from the Commissioner of Environmental Protection that the refueling station purchased and installed by the taxpayer qualifies as a solar-powered residential hydrogen refueling station.  The certification shall specifically indicate the date of installation of the refueling station, a description of the refueling station, the location where the refueling station is located, and the amount paid for the refueling station.  The commissioner shall prescribe the form for the application and certification and may require the submission of supplemental materials with an application, including but not limited to a copy of the receipt of purchase and information concerning the vehicle or vehicles using the refueling station.

     (2)   The Commissioner of Environmental Protection shall have 90 days from the date of receipt of a complete application to make a determination as to the issuance of a certification.

     (3)   Upon certification, the Commissioner of Environmental Protection shall submit a copy thereof to the taxpayer and the Director of the Division of Taxation.  In filing a tax return that includes a claim for the credit allowed pursuant to this section, the taxpayer shall include a copy of the certification.

     c.     No taxpayer shall be allowed more than one credit pursuant to this section per taxable year, except that a taxpayer filing a joint return shall be allowed no more than two credits pursuant to this section per taxable year.

     d.    When the amount of the credit herein provided to which any eligible taxpayer is entitled for any tax year exceeds the amount of the tax for which the eligible taxpayer is liable for the same tax year, such excess shall be allowed as a credit.  The amount of the credit allowed pursuant to this section shall be applied against the tax otherwise due under N.J.S.54A:1-1 et seq. after all other credits and payments. If the credit exceeds the amount of tax otherwise due, that amount of excess shall be an overpayment for the purposes of N.J.S.54A:9-7, provided however, subsection (f) of N.J.S.54A:9-7 shall not apply.

     e.     The tax credit allowed pursuant to this section shall be discontinued when the total of all such tax credits, as certified by the State Treasurer, reaches $10,000,000.

     f.     As used in this section:

     "Solar-powered residential hydrogen refueling station" means a motor vehicle fueling station installed on residential property that generates and dispenses hydrogen fuel, which uses only electricity generated by solar panels located on the property, and which is capable of serving as the primary fuel source for a vehicle that travels at least 30 miles per day.

     2.    This act shall take effect immediately, and apply to equipment installed during taxable years beginning on or after January 1 next following the date of enactment.

 

STATEMENT

 

     This bill would provide an income tax credit of up to $10,000 for the purchase and installation of a solar-powered residential hydrogen refueling station.

     The bill defines a "solar-powered residential hydrogen refueling station" as a motor vehicle fueling station installed on residential property that generates and dispenses hydrogen fuel, which uses only electricity generated by solar panels located on the property, and which is capable of serving as the primary fuel source for a vehicle that travels at least 30 miles per day.  The bill would require the Commissioner of Environmental Protection to certify that a refueling station purchased and installed by the taxpayer qualifies as a solar-powered residential hydrogen refueling station.  The certification would be required to include the date of installation of the refueling station, a description of the refueling station, the location of the installation, and the amount paid for the refueling station.

     The tax credit would be discontinued when the State Treasurer certifies that $10 million in tax credits have been issued in the State.  The tax credit would apply to equipment installed during taxable years beginning on or after January 1 next following the date of enactment of the bill.

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