A 8832: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 8832 2025-2026 Regular Sessions  IN ASSEMBLY June 9, 2025 ___________ Introduced by M. of A. LASHER -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a tax credit for the purchase of new and used electric vehicles The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 61 to read as follows: 3 61. Credit for purchase of electric vehicles. (a) A taxpayer shall be 4 allowed a credit for taxable years beginning on or after January first, 5 two thousand twenty-six against the tax imposed by this article for the 6 purchase of new and used electric vehicles. The total amount of the 7 credit for the purchase of a new electric vehicle shall be seven thou- 8 sand five hundred dollars. The total amount of the credit for the 9 purchase of a used electric vehicle shall be four thousand dollars. 10 (b) For the purposes of this subdivision, the term "electric vehicles" 11 shall mean motor vehicles, as defined by section one hundred twenty-five 12 of the vehicle and traffic law, which are propelled by electric motors 13 using electric energy stored in batteries or other energy storage 14 devices. For the purposes of this subdivision, "electric vehicles" shall 15 not include electric personal assistive mobility devices as defined by 16 section one hundred fourteen-d of the vehicle and traffic law. 17 (c) If the amount of credit allowable under this subdivision shall 18 exceed the taxpayer's tax for such year, the excess may be carried over 19 to the following year or years and may be deducted from the taxpayer's 20 tax for such year or years. 21 (d) If all or any part of the credit provided for under this subdivi- 22 sion was allowed or carried over from a prior taxable year or years, a 23 taxpayer shall reduce the allowable credit for additional qualifying 24 expenditures in a subsequent tax year by the amount of the credit previ- 25 ously allowed or carried over; provided however that a credit previously 26 allowed or carried over from a prior taxable year or years shall not be 27 taken into account in determining the allowable credit for the purchase 28 of a new or used electric vehicle. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11842-01-5 
 A. 8832 2 1 (e) For the purpose of determining the amount of the actual expendi- 2 ture incurred in the purchasing of a new or used electric vehicle, the 3 amount of any federal, state or local grant received by the taxpayer, 4 which was used for the purchase and which was not included in the gross 5 income of the taxpayer, shall not be taken into account. 6 § 2. Section 606 of the tax law is amended by adding a new subsection 7 (g-3) to read as follows: 8 (g-3) Credit for electric vehicles. (1) A taxpayer shall be allowed a 9 credit for taxable years beginning on or after January first, two thou- 10 sand twenty-six against the tax imposed by this article for the purchase 11 of new and used electric vehicles. The total amount of the credit for 12 the purchase of a new electric vehicle shall be seven thousand five 13 hundred dollars. The total amount of the credit for the purchase of a 14 used electric vehicle shall be four thousand dollars. 15 (2) For the purposes of this subsection the term "electric vehicles" 16 shall mean motor vehicles, as defined by section one hundred twenty-five 17 of the vehicle and traffic law, which are propelled by electric motors 18 using electric energy stored in batteries or other energy storage 19 devices. For the purposes of this subsection, "electric vehicles" shall 20 not include electric personal assistive mobility devices as defined by 21 section one hundred fourteen-d of the vehicle and traffic law. 22 (3) If the amount of credit allowable under this subsection shall 23 exceed the taxpayer's tax for such year, the excess may be carried over 24 to the following year or years and may be deducted from the taxpayer's 25 tax for such year or years. 26 (4) If all or any part of the credit provided for under this 27 subsection was allowed or carried over from a prior taxable year or 28 years, a taxpayer shall reduce the allowable credit for additional qual- 29 ifying expenditures in a subsequent tax year by the amount of the credit 30 previously allowed or carried over; provided however that a credit 31 previously allowed or carried over from a prior taxable year or years 32 shall not be taken into account in determining the allowable credit for 33 the purchase of a new or used electric vehicle. 34 (5) For the purpose of determining the amount of the actual expendi- 35 ture incurred in the purchasing of a new or used electric vehicle, the 36 amount of any federal, state or local grant received by the taxpayer, 37 which was used for the purchase of such electric vehicle and which was 38 not included in the gross income of the taxpayer, shall not be taken 39 into account. 40 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 41 of the tax law is amended by adding a new clause (1ii) to read as 42 follows: 43 (lii) Credit for Amount of credit 44 electric under subdivision 45 vehicles sixty-one of section 46 under subsection two hundred ten-B 47 (g-3) 48 § 4. This act shall take effect on the one hundred twentieth day after 49 it shall have become a law. Effective immediately, the addition, amend- 50 ment and/or repeal of any rule or regulation necessary for the implemen- 51 tation of this act on its effective date are authorized to be made on or 52 before such date.