New York 2025-2026 Regular Session

New York Senate Bill S08113

Introduced
5/15/25  

Caption

Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.

Impact

This legislation will have a significant impact on state laws related to taxation and environmental policy. By introducing financial incentives for electric vehicle purchases, S08113 aims to increase the adoption of electric vehicles among consumers. This change in tax law is anticipated to not only influence consumer behavior by reducing the financial burden associated with purchasing electric vehicles but also to contribute to the state's objectives for environmental sustainability. The credit may lead to a reduction in greenhouse gas emissions from the transportation sector, which is one of the largest contributors to pollution.

Summary

Bill S08113 proposes to amend New York's tax law by establishing a tax credit aimed at encouraging the purchase of both new and used electric vehicles. The bill offers a tax credit of $7,500 for the purchase of a new electric vehicle and $4,000 for used electric vehicles, effective for taxable years beginning on or after January 1, 2026. This initiative seeks to promote cleaner transportation options, aligning state policy with broader environmental goals and efforts to combat climate change.

Contention

While the bill enjoys support from environmental advocates and the auto industry, there are potential points of contention regarding its fiscal implications. Critics may argue about the cost of the tax credits to the state budget and whether the long-term environmental benefits justify the immediate budgetary impacts. Additionally, the bill does not specifically address the infrastructure needed to support an increased number of electric vehicles, such as charging stations, which could lead to concerns about practicality and accessibility in rural areas.

Companion Bills

NY A08832

Same As Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.

Previously Filed As

NY S04304

Provides that credits for excess electricity generated by customer-generators subject to net energy metering by an electric corporation or the Long Island power authority may be carried over indefinitely and used against any charges imposed by an electric corporation or the Long Island power authority when the customer-generator uses more electricity than such customer generates; provides for the accounting of credits once every 5 years and the electric corporation or Long Island power authority shall reimburse the customer-generator for the accumulated credits.

NY A02451

Establishes a tax credit for electric vehicle charging stations task force to recommend a program for a tax credit for commercial property owners who install electric vehicle charging stations on such property.

NY S05760

Provides a tax credit for the purchase or conversion of an electric vessel or zero emission vessel; provides a tax credit for electric vessel recharging property.

NY S00336

Imposes an additional two percent sales tax on retail sales of motor vehicles over $70,000, excluding commercial vehicles and electric vehicles, jewelry over $5,000 and articles of clothing, footwear, handbags, luggage, umbrellas, wallets or watches sold for over $1,000; provides that such tax shall be distributed equally to the credit of the state university of New York and the city university of New York.

NY A00537

Imposes an additional two percent sales tax on retail sales of motor vehicles over $70,000, excluding commercial vehicles and electric vehicles, jewelry over $5,000 and articles of clothing, footwear, handbags, luggage, umbrellas, wallets or watches sold for over $1,000; provides that such tax shall be distributed equally to the credit of the state university of New York and the city university of New York.

NY S01630

Provides that each electric corporation shall establish a unique priority phone number that shall remain in operation every day of the year for customers who have documented their need for essential electricity for medical needs; makes related provisions.

NY A03503

Provides that each electric corporation shall establish a unique priority phone number that shall remain in operation every day of the year for customers who have documented their need for essential electricity for medical needs; makes related provisions.

NY S06327

Establishes new targets for offshore wind electricity generation; includes the requirements that there is at least 9,900 megawatts of offshore wind electricity generation by 2035, 15,800 megawatts of offshore wind electricity generation by 2040, at least 18,000 megawatts of offshore wind electricity generation by 2045 and at least 20,000 megawatts of offshore wind electricity generation by 2050.

NY A07407

Establishes new targets for offshore wind electricity generation; includes the requirements that there is at least 9,900 megawatts of offshore wind electricity generation by 2035, 15,800 megawatts of offshore wind electricity generation by 2040, at least 18,000 megawatts of offshore wind electricity generation by 2045 and at least 20,000 megawatts of offshore wind electricity generation by 2050.

NY A06106

Establishes a tax credit for full-time nurses and a tax credit for teaching nurses; provides that the amount of such credit shall be five hundred dollars.

Similar Bills

No similar bills found.