NJ
New Jersey Assembly Bill A1343

New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill A1343

Introduced
1/9/24  

Caption

Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators.

Impact

The implementation of A1343 is expected to affect state tax regulations by creating new deductions under Title 54A of the New Jersey Statutes. This legislative change may encourage a shift toward increased adoption of solar energy, as homeowners are provided with a financial incentive to invest in technologies that enable them to harness and store solar power more effectively. The potential for homeowners to utilize stored electricity during outages enhances not only individual energy resilience but also benefits the broader energy grid by alleviating pressure during peak demand periods.

Summary

Assembly Bill A1343, titled 'Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators,' aims to incentivize homeowners to invest in battery backup systems for their solar electrical generators. The bill allows taxpayers to deduct up to $10,000 from their gross income for the costs associated with the purchase and installation of these systems. The introduction of this bill marks a significant step towards promoting renewable energy technologies and enhancing the sustainability of residential energy consumption in New Jersey.

Contention

While the bill is poised to facilitate greater adoption of solar energy systems, there may be discussions regarding the overall economic implications and the extent of the financial benefit for taxpayers. Some stakeholders could argue about the potential cost to the state regarding lost tax revenue, while others may raise concerns about the prioritization of such tax incentives amid other pressing budgetary needs. Overall, the bill aims to balance the environmental benefits of renewable energy with fiscal responsibility, a point that may be debated in legislative discussions.

Companion Bills

NJ A2485

Carry Over Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators.

Previously Filed As

NJ A2485

Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators.

NJ A5482

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator or home backup battery system for resident taxpayer's principal residence.

NJ A1238

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ A4732

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ S1360

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ S3232

Provides gross income tax deduction for costs of purchasing and installing whole house backup electrical generator for resident taxpayer's principal residence.

NJ A1262

Provides corporation business tax and gross income tax credits for certain solar energy system expenditures.

NJ A545

Provides corporation business tax and gross income tax credits for certain solar energy system expenditures.

NJ AB2892

Income taxes: credits: backup electricity generators.

NJ S2297

Provides corporation business tax and gross income tax credits for certain solar energy system expenditures.

Similar Bills

No similar bills found.