Establishes a tax credit for the purchase of new and used electric cars in New York.

The bill amends the tax law to establish a tax credit for the purchase of new and used electric vehicles. The credit for a new electric vehicle is $7,500, and for a used electric vehicle, it is $4,000. The credit applies to taxable years beginning on or after January 1, 2026. If the credit exceeds the taxpayer's tax for the year, the excess may be carried over to the following year or years. The credit is not applicable to electric personal assistive mobility devices.

Establishes a tax credit for the purchase of new and used electric cars in New York.

The bill amends the tax law to establish a tax credit for the purchase of new and used electric vehicles. The credit for a new electric vehicle is $7,500, and for a used electric vehicle, it is $4,000. The credit applies to taxable years beginning on or after January 1, 2026. If the credit exceeds the taxpayer's tax for the year, the excess may be carried over to the following year or years. The credit is not applicable to electric personal assistive mobility devices.