New Jersey A1595 offers a gross income tax credit for taxpayers purchasing low-speed electric bicycles.

New Jersey A1595 provides a gross income tax credit to taxpayers who buy certain low-speed electric bicycles. The credit equals 30% of the purchase expenses, up to a maximum of $1,500 per taxable year. To qualify, the bicycle must not be used for business and must cost no more than $8,000. The credit cannot reduce the taxpayer's gross income tax liability below zero. The bill defines "low-speed electric bicycle" as a two or three-wheeled vehicle with a motor of less than 750 watts, fully operable pedals, and a maximum speed of 20 miles per hour.

New Jersey A1595 offers a gross income tax credit for taxpayers purchasing low-speed electric bicycles.

New Jersey A1595 provides a gross income tax credit to taxpayers who buy certain low-speed electric bicycles. The credit equals 30% of the purchase expenses, up to a maximum of $1,500 per taxable year. To qualify, the bicycle must not be used for business and must cost no more than $8,000. The credit cannot reduce the taxpayer's gross income tax liability below zero. The bill defines "low-speed electric bicycle" as a two or three-wheeled vehicle with a motor of less than 750 watts, fully operable pedals, and a maximum speed of 20 miles per hour.