In our spotlight on business report, the deadline is looming to cash in on the federal tax credit for electric vehicles.

The $7,500 incentive expires September 30th and car dealerships across the state and nationally say shoppers have been rushing to buy an EV ahead of that deadline.

Now the change is part of the mega tax bill signed into law in July which pushed up the original expiration date of the federal clean vehicle tax credit from 2032 to the end of this month.

Some experts warn that without the financial incentive, sales could come grinding to a halt since most EV buyers surveyed say it factored heavily in their decision.

New Jersey recently hit a milestone though registering more than 250,000 electric vehicles moving closer to Governor Murphy's goal of reaching 100% clean cars in the next 15 years.

Support for the Business Report is provided by the Newark Alliance presents the 2025 Housy Fest featuring the vibrancy of Newark's Arts and Education District and Housy Street.

Housy, a neighborhood built on hustle and heart.

The 2025 Housy Fest schedule is available at housynwk.com.

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