New Jersey Tax Division Announces Repealing Sales Tax Exemption on Zero Emission Vehicles

The New Jersey Division of Taxation July 12 announced repealing the sale and use tax exemption on the sale of zero emission vehicles (ZEVs). The announcement includes the law: 1) imposing a sales tax rate of 3.3125 percent for vehicles sold on or after Oct. 1, 2024, but before July 1, 2025, and a rate of 6.625 percent beginning on July 1, 2025; and 2) providing sales and use tax exemption for sale, rental, or lease of a new or used ZEVs on and after May 1, 2004, to Sep. 30, 2024. [N.J. Div. of Tax’n, Zero Emission Vehicles Exemption, ...