Bill Text: NJ A1343 | 2024-2025 | Regular Session | Introduced
Bill Title: Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Telecommunications and Utilities Committee [A1343 Detail]
Download: New_Jersey-2024-A1343-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblyman CHRISTOPHER P. DEPHILLIPS
District 40 (Bergen, Essex and Passaic)
SYNOPSIS
Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act providing a gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators, supplementing Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. A taxpayer shall be allowed to deduct from the taxpayer's gross income for the taxable year the amount paid during the taxable year for the purchase and installation of a battery backup for a solar electrical generator installed in the taxpayer's primary residence, not to exceed $10,000.
2. This act shall take effect immediately and apply to taxable years ending after the date of enactment.
STATEMENT
This bill provides a gross income tax deduction for the costs of purchasing and installing a battery backup for a solar electrical generator in the taxpayer's primary residence.
On a sunny day, rooftop solar panels can produce more electric power than is need to power the home. If there is no way to store that power, the excess power is transferred into the grid for consumption elsewhere. During delivery power failures, the solar panel generators are automatically disconnected from the grid, so that they will not send a power surge through electric lines that are being repaired.
This bill provides an incentive for homeowners to install battery backup systems, so that the homes with solar power generators can have a supply of electricity while the line supplies of power are under repair.
