NJ Hybrid Tax Credit?

Seagull6 · 03-21-2007, 09:43 AM

I'm finishing up my taxes and I just remembered that I heard someplace that New Jersey has some sort of tax credit for hybrids purchased in 2006. Does anyone know whether this is true and if so, how to apply for it?

Incidentally I just downloaded Turbo Taxes' hybrid forms last night. I will be getting $3150 back from the feds!

Proco · 03-21-2007, 11:29 AM

<div class='quotetop'>QUOTE(Seagull @ Mar 21 2007, 09:43 AM) [snapback]409503[/snapback]</div>

Quote:

I'm finishing up my taxes and I just remembered that I heard someplace that New Jersey has some sort of tax credit for hybrids purchased in 2006. Does anyone know whether this is true and if so, how to apply for it?

Incidentally I just downloaded Turbo Taxes' hybrid forms last night. I will be getting $3150 back from the feds![/b]

Nope. From http://www.state.nj.us/treasury/taxation/emailfaqs.htm:

Quote:

Can I claim a deduction for my hybrid motor vehicle on my New Jersey income tax return?
There is no provision for a clean fuel vehicle deduction on the New Jersey income tax return similar to the adjustment allowed for Federal purposes.[/b]

There were a few bills introduced in Trenton last year to give consumers incentives to buy hybrids (like waiving sales tax on them), but they all died in committee.

Seagull6 · 03-21-2007, 12:03 PM

Thanks. I just found the answer in the NJ Treasury Dept FAQ....

"Can I claim a deduction for my hybrid motor vehicle on my New Jersey income tax return?
There is no provision for a clean fuel vehicle deduction on the New Jersey income tax return similar to the adjustment allowed for Federal purposes. "

It looked like S749 was what I was looking for but I guess it died somewhere which doens't surprise me in this state.

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03-21-2007, 09:43 AM	#1
Seagull6 Member Join Date: Jul 2006 Posts: 39 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I'm finishing up my taxes and I just remembered that I heard someplace that New Jersey has some sort of tax credit for hybrids purchased in 2006. Does anyone know whether this is true and if so, how to apply for it? Incidentally I just downloaded Turbo Taxes' hybrid forms last night. I will be getting $3150 back from the feds!

03-21-2007, 12:03 PM	#3
Seagull6 Member Join Date: Jul 2006 Posts: 39 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Thanks. I just found the answer in the NJ Treasury Dept FAQ.... "Can I claim a deduction for my hybrid motor vehicle on my New Jersey income tax return? There is no provision for a clean fuel vehicle deduction on the New Jersey income tax return similar to the adjustment allowed for Federal purposes. " It looked like S749 was what I was looking for but I guess it died somewhere which doens't surprise me in this state.