Provides corporation business tax credits and gross income tax credits for purchase of certain compressed natural gas vehicles.

This bill provides tax credits to New Jersey businesses and individuals for purchasing compressed natural gas (CNG) vehicles. Businesses can claim credits up to $3,500 (2023), $2,500 (2024), or $1,500 (2025) for standard CNG vehicles, and up to $25,000 (2023), $15,000 (2024), or $7,500 (2025) for Class 8 CNG trucks. Individuals may claim credits up to $3,500 (2023), $2,500 (2024), or $1,500 (2025) for personal CNG vehicles under the gross income tax system. To qualify, purchasers must obtain certification from the Environmental Protection Commissioner confirming the vehicle’s CNG use, and unused credits can be carried forward for up to seven years.