The New Jersey Zero Emission Incentive Program (NJ ZIP) is a $15 million plan that will provide vouchers ranging from $25,000-$100,000, plus additional bonus if meeting certain criteria, to eligible applicants who purchase new, zero emissions, class 2b – 6 (GVWR 8,501 lbs – 26,000 lbs) medium and heavy duty vehicles. Eligible applicants include commercial, industrial or institutional organizations registered in New Jersey that are in compliance with tax, labor law and environmental rules. The vehicle must be certified by a qualified vendor and must be operated 75% within New Jersey, and 50% within the greater Newark or greater Camden areas annually.
The application for this program is expected to be released in early 2021, with the vouchers are first-come, first-serve. $5 million will be set aside for small and micro businesses to ensure equitable access to funding.
For more details, visit the New Jersey Economic Development Authority announcement.
The aforementioned incentive is one of many offered by the State of New Jersey. Mazars has a dedicated State and Local Tax and Incentives Team to assist you in navigating through these programs and obtain the help you need.
Learn about more New Jersey tax credits here.
Published on February 15, 2021