New Jersey residents in the market for a new or used battery-electric vehicle will soon have to cough up more money after state officials revealed it will phase out a sales tax waiver.
For the past 20 years, local buyers, leasing, or renting a new or used electric vehicle have been exempt from a 6.625% sales tax. Over the next three years, this tax break will be phased out and the state will start to prioritize EV incentives. It has already announced a ban on the sales of new combustion-powered vehicles by 2035.
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