New Jersey would give a sales tax break on some energy-efficient
vehicles and appliances under a bill up for discussion Monday in a
state Senate committee.
The bill (S-756) would lift state sales tax on the first $40,000 of the price of a vehicle that gets 35 miles per gallon or more - except for diesel vehicles - and sales tax on major appliances with the Energy Star seal. It would expire in two years.
The bill (S-756) would lift state sales tax on the first $40,000 of the price of a vehicle that gets 35 miles per gallon or more - except for diesel vehicles - and sales tax on major appliances with the Energy Star seal. It would expire in two years.
It's one of a number of moves by the government to promote
fuel-efficient vehicles and products. The federal government last year
included tax credits in stimulus funds for electric cars and
energy-efficient appliances, and gave incentives for buying
fuel-efficient vehicles through Cash for Clunkers.
"The thought was not only do we want to stimulate the economy by providing an incentive, but we also want people to purchase things that are highly efficient and positive contributors to the environment," said Sen. Jennifer Beck (R-Monmouth), the bill's sponsor. "We're tyring to move people in that direction."
The bill was introduced last year in both the Assembly and the Senate as part of a series of economic stimulus bills but did not go anywhere.
Beck said legislative staff members had said it was not possible to determine how much money the state would lose in tax revenue through the tax break, because of the variables involved.
The bill is up for discussion Monday in the Senate's Environment and Energy committee. The committee is scheduled to meet 10 a.m. at the Statehouse in Trenton.
"The thought was not only do we want to stimulate the economy by providing an incentive, but we also want people to purchase things that are highly efficient and positive contributors to the environment," said Sen. Jennifer Beck (R-Monmouth), the bill's sponsor. "We're tyring to move people in that direction."
The bill was introduced last year in both the Assembly and the Senate as part of a series of economic stimulus bills but did not go anywhere.
Beck said legislative staff members had said it was not possible to determine how much money the state would lose in tax revenue through the tax break, because of the variables involved.
The bill is up for discussion Monday in the Senate's Environment and Energy committee. The committee is scheduled to meet 10 a.m. at the Statehouse in Trenton.
Recent Comments