The deadline is looming to cash in on a $7,500 federal tax credit for electric vehicles. Car dealerships in New Jersey and across the country say shoppers have been rushing to buy an EV ahead of the Sept. 30 deadline.
The change is part of the mega-tax bill signed into law in July, which pushed up the original expiration date of the federal clean vehicle tax credit from 2032 to the end of the month. Some experts warn that without the financial incentive, EV sales could come grinding to a halt. However, some advocates argue that the work the state has put into the program has already started to pay off.
New Jersey recently hit a milestone, registering more than 250,000 electric vehicles, moving closer to Gov. Phil Murphy’s goal of ending the sale of gas-powered cars by 2035. Earlier this year, the Murphy administration signed on to the Affordable Clean Cars Coalition, a multi-state effort to roll out a series of “clean vehicle programs.”
