Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.
STATE OF NEW YORK
________________________________________________________________________
8113
2025-2026 Regular Sessions
IN SENATE
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:
1 Section 1. Section 210-B of the tax law is amended by adding a new
2 subdivision 61 to read as follows:
3 61. Credit for purchase of electric vehicles. (a) A taxpayer shall be
4 allowed a credit for taxable years beginning on or after January first,
5 two thousand twenty-six against the tax imposed by this article for the
6 purchase of new and used electric vehicles. The total amount of the
7 credit for the purchase of a new electric vehicle shall be seven thou-
8 sand five hundred dollars. The total amount of the credit for the
9 purchase of a used electric vehicle shall be four thousand dollars.
10 (b) For the purposes of this subdivision, the term "electric vehicles"
11 shall mean motor vehicles, as defined by section one hundred twenty-five
12 of the vehicle and traffic law, which are propelled by electric motors
13 using electric energy stored in batteries or other energy storage
14 devices. For the purposes of this subdivision, "electric vehicles" shall
15 not include electric personal assistive mobility devices as defined by
16 section one hundred fourteen-d of the vehicle and traffic law.
17 (c) If the amount of credit allowable under this subdivision shall
18 exceed the taxpayer's tax for such year, the excess may be carried over
19 to the following year or years and may be deducted from the taxpayer's
20 tax for such year or years.
21 (d) If all or any part of the credit provided for under this subdivi-
22 sion was allowed or carried over from a prior taxable year or years, a
23 taxpayer shall reduce the allowable credit for additional qualifying
24 expenditures in a subsequent tax year by the amount of the credit previ-
25 ously allowed or carried over; provided however that a credit previously
26 allowed or carried over from a prior taxable year or years shall not be
27 taken into account in determining the allowable credit for the purchase
28 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
1 (e) For the purpose of determining the amount of the actual expendi-
2 ture incurred in the purchasing of a new or used electric vehicle, the
3 amount of any federal, state or local grant received by the taxpayer,
4 which was used for the purchase and which was not included in the gross
5 income of the taxpayer, shall not be taken into account.
6 § 2. Section 606 of the tax law is amended by adding a new subsection
7 (g-3) to read as follows:
8 (g-3) Credit for electric vehicles. (1) A taxpayer shall be allowed a
9 credit for taxable years beginning on or after January first, two thou-
10 sand twenty-six against the tax imposed by this article for the purchase
11 of new and used electric vehicles. The total amount of the credit for
12 the purchase of a new electric vehicle shall be seven thousand five
13 hundred dollars. The total amount of the credit for the purchase of a
14 used electric vehicle shall be four thousand dollars.
15 (2) For the purposes of this subsection the term "electric vehicles"
16 shall mean motor vehicles, as defined by section one hundred twenty-five
17 of the vehicle and traffic law, which are propelled by electric motors
18 using electric energy stored in batteries or other energy storage
19 devices. For the purposes of this subsection, "electric vehicles" shall
20 not include electric personal assistive mobility devices as defined by
21 section one hundred fourteen-d of the vehicle and traffic law.
22 (3) If the amount of credit allowable under this subsection shall
23 exceed the taxpayer's tax for such year, the excess may be carried over
24 to the following year or years and may be deducted from the taxpayer's
25 tax for such year or years.
26 (4) If all or any part of the credit provided for under this
27 subsection was allowed or carried over from a prior taxable year or
28 years, a taxpayer shall reduce the allowable credit for additional qual-
29 ifying expenditures in a subsequent tax year by the amount of the credit
30 previously allowed or carried over; provided however that a credit
31 previously allowed or carried over from a prior taxable year or years
32 shall not be taken into account in determining the allowable credit for
33 the purchase of a new or used electric vehicle.
34 (5) For the purpose of determining the amount of the actual expendi-
35 ture incurred in the purchasing of a new or used electric vehicle, the
36 amount of any federal, state or local grant received by the taxpayer,
37 which was used for the purchase of such electric vehicle and which was
38 not included in the gross income of the taxpayer, shall not be taken
39 into account.
40 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
41 of the tax law is amended by adding a new clause (1ii) to read as
42 follows:
43 (lii) Credit forAmount of credit
44 electricunder subdivision
45 vehiclessixty-one of section
46 under subsectiontwo hundred ten-B
47 (g-3)
48 § 4. This act shall take effect on the one hundred twentieth day after
49 it shall have become a law. Effective immediately, the addition, amend-
50 ment and/or repeal of any rule or regulation necessary for the implemen-
51 tation of this act on its effective date are authorized to be made on or
52 before such date.
