New Jersey EV rebate $5k

[DavidNJCPA]

Hello!

I have done a lot of research and want to purchase a 2020 Chevy Bolt. After GM incentives and all, it is coming in around $29k. Unfortunately, I cannot afford $29k even with the less fuel costs than ICE cars.

A few weeks ago, NJ passed a bill giving EV buyers and leasers $5k towards some cars including the Bolt. It says that it is given at point of sale which I interpret to mean the dealer.

With this rebate, I can afford the car. Without it, I can't. And I need to get a car within the next week due to transportation issues.

The dealers are just telling me that I need to buy the car and then submit an application and get the $5k from NJ. I can do that, but I can find no information online and I can't be left buying the car and then for some reason the program hasn't started yet or I find out that somehow I am not eligible.

Does anyone know about this program or have a link that would tell me more about how to claim this? I see plenty of things online about the program but nothing about an application form or how or when it will be implemented.

Thanks for your help.

David

 

[EgonSpengler]

Since the law was just passed I don't think they've figured out any details yet but I understand it to be a tax rebate so you'd have to file a particular form with your state taxes and get the money back next year at tax time. But that's just what I've been able to figure out. I'm looking at buying one before the small federal rebate expires at the end of this month.