ASSEMBLY, No. 1428

STATE OF NEW JERSEY

219th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2020 SESSION

 


 

Sponsored by:

Assemblywoman  BETTYLOU DECROCE

District 26 (Essex, Morris and Passaic)

 

Co-Sponsored by:

Assemblymen Giblin, Caputo, Assemblywoman Schepisi, Assemblymen Johnson and McKeon

 

 

 

 

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 prior to April 29, 2013, not to exceed $10,000.

 

     2.    This act shall take effect immediately and apply to taxable years ending after its 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.