Senate Bill S8113

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8113
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 15, 2025
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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:
 
   Section 1. Section 210-B of the tax law is amended  by  adding  a  new
 subdivision 61 to read as follows:
   61.  CREDIT FOR PURCHASE OF ELECTRIC VEHICLES. (A) A TAXPAYER SHALL BE
 ALLOWED A CREDIT FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY  FIRST,
 TWO  THOUSAND TWENTY-SIX AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE
 PURCHASE OF NEW AND USED ELECTRIC VEHICLES.  THE  TOTAL  AMOUNT  OF  THE
 CREDIT  FOR  THE PURCHASE OF A NEW ELECTRIC VEHICLE SHALL BE SEVEN THOU-
 SAND FIVE HUNDRED DOLLARS. THE  TOTAL  AMOUNT  OF  THE  CREDIT  FOR  THE
 PURCHASE OF A USED ELECTRIC VEHICLE SHALL BE FOUR THOUSAND DOLLARS.
   (B) FOR THE PURPOSES OF THIS SUBDIVISION, THE TERM "ELECTRIC VEHICLES"
 SHALL MEAN MOTOR VEHICLES, AS DEFINED BY SECTION ONE HUNDRED TWENTY-FIVE
 OF  THE  VEHICLE AND TRAFFIC LAW, WHICH ARE PROPELLED BY ELECTRIC MOTORS
 USING ELECTRIC ENERGY  STORED  IN  BATTERIES  OR  OTHER  ENERGY  STORAGE
 DEVICES. FOR THE PURPOSES OF THIS SUBDIVISION, "ELECTRIC VEHICLES" SHALL
 NOT  INCLUDE  ELECTRIC PERSONAL ASSISTIVE MOBILITY DEVICES AS DEFINED BY
 SECTION ONE HUNDRED FOURTEEN-D OF THE VEHICLE AND TRAFFIC LAW.
   (C) IF THE AMOUNT OF CREDIT ALLOWABLE  UNDER  THIS  SUBDIVISION  SHALL
 EXCEED THE TAXPAYER'S TAX FOR SUCH  YEAR, THE EXCESS MAY BE CARRIED OVER
 TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   (D) IF ALL OR ANY PART OF THE CREDIT PROVIDED FOR UNDER THIS  SUBDIVI-
 SION  WAS ALLOWED OR CARRIED OVER FROM A PRIOR TAXABLE YEAR OR  YEARS, A
 TAXPAYER SHALL REDUCE THE ALLOWABLE  CREDIT  FOR  ADDITIONAL  QUALIFYING
 EXPENDITURES IN A SUBSEQUENT TAX YEAR BY THE AMOUNT OF THE CREDIT PREVI-
 OUSLY ALLOWED OR CARRIED OVER; PROVIDED HOWEVER THAT A CREDIT PREVIOUSLY
 ALLOWED  OR CARRIED OVER FROM A PRIOR TAXABLE YEAR OR YEARS SHALL NOT BE
 TAKEN INTO ACCOUNT IN DETERMINING THE ALLOWABLE CREDIT FOR THE  PURCHASE
 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
 S. 8113                             2

   (E)  FOR  THE PURPOSE OF DETERMINING THE AMOUNT OF THE ACTUAL EXPENDI-
 TURE INCURRED IN THE PURCHASING OF A NEW OR USED ELECTRIC  VEHICLE,  THE
 AMOUNT  OF  ANY  FEDERAL, STATE OR LOCAL GRANT RECEIVED BY THE TAXPAYER,
 WHICH WAS USED FOR THE PURCHASE AND WHICH WAS NOT INCLUDED IN THE  GROSS
 INCOME OF THE TAXPAYER, SHALL NOT BE TAKEN INTO ACCOUNT.
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (g-3) to read as follows:
   (G-3) CREDIT FOR ELECTRIC VEHICLES. (1) A TAXPAYER SHALL BE ALLOWED  A
 CREDIT  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU-
 SAND TWENTY-SIX AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE
 OF NEW AND USED ELECTRIC VEHICLES.  THE TOTAL AMOUNT OF THE  CREDIT  FOR
 THE  PURCHASE  OF  A  NEW  ELECTRIC VEHICLE SHALL BE SEVEN THOUSAND FIVE
 HUNDRED DOLLARS. THE TOTAL AMOUNT OF THE CREDIT FOR THE  PURCHASE  OF  A
 USED ELECTRIC VEHICLE SHALL BE FOUR THOUSAND DOLLARS.
   (2)  FOR  THE PURPOSES OF THIS SUBSECTION THE TERM "ELECTRIC VEHICLES"
 SHALL MEAN MOTOR VEHICLES, AS DEFINED BY SECTION ONE HUNDRED TWENTY-FIVE
 OF THE VEHICLE AND TRAFFIC LAW, WHICH ARE PROPELLED BY  ELECTRIC  MOTORS
 USING  ELECTRIC  ENERGY  STORED  IN  BATTERIES  OR  OTHER ENERGY STORAGE
 DEVICES. FOR THE PURPOSES OF THIS SUBSECTION, "ELECTRIC VEHICLES"  SHALL
 NOT  INCLUDE  ELECTRIC PERSONAL ASSISTIVE MOBILITY DEVICES AS DEFINED BY
 SECTION ONE HUNDRED FOURTEEN-D OF THE VEHICLE AND TRAFFIC LAW.
   (3) IF THE AMOUNT OF CREDIT  ALLOWABLE  UNDER  THIS  SUBSECTION  SHALL
 EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER
 TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM  THE  TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   (4)  IF  ALL  OR  ANY  PART  OF  THE  CREDIT  PROVIDED  FOR UNDER THIS
 SUBSECTION WAS ALLOWED OR CARRIED OVER FROM  A  PRIOR  TAXABLE  YEAR  OR
 YEARS, A TAXPAYER SHALL REDUCE THE ALLOWABLE CREDIT FOR ADDITIONAL QUAL-
 IFYING EXPENDITURES IN A SUBSEQUENT TAX YEAR BY THE AMOUNT OF THE CREDIT
 PREVIOUSLY  ALLOWED  OR  CARRIED  OVER;  PROVIDED  HOWEVER THAT A CREDIT
 PREVIOUSLY ALLOWED OR CARRIED OVER FROM A PRIOR TAXABLE  YEAR  OR  YEARS
 SHALL  NOT BE TAKEN INTO ACCOUNT IN DETERMINING THE ALLOWABLE CREDIT FOR
 THE PURCHASE OF A NEW OR USED ELECTRIC VEHICLE.
   (5) FOR THE PURPOSE OF DETERMINING THE AMOUNT OF THE  ACTUAL  EXPENDI-
 TURE  INCURRED  IN THE PURCHASING OF A NEW OR USED ELECTRIC VEHICLE, THE
 AMOUNT OF ANY FEDERAL, STATE OR LOCAL GRANT RECEIVED  BY  THE  TAXPAYER,
 WHICH  WAS  USED FOR THE PURCHASE OF SUCH ELECTRIC VEHICLE AND WHICH WAS
 NOT INCLUDED IN THE GROSS INCOME OF THE TAXPAYER,  SHALL  NOT  BE  TAKEN
 INTO ACCOUNT.
   §  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding  a  new  clause  (1ii)  to  read  as
 follows:
 
 (LII) CREDIT FOR                     AMOUNT OF CREDIT
 ELECTRIC                             UNDER SUBDIVISION
 VEHICLES                             SIXTY-ONE OF SECTION
 UNDER SUBSECTION                     TWO HUNDRED TEN-B
 (G-3)
 
   § 4. This act shall take effect on the one hundred twentieth day after
 it  shall have become a law. Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be made on or
 before such date.