It’s based on the MSRP on the window sticker less the destination charge, dealer installed factory accessories (floor mats, window visors), and any dealer add-ons (warranties, pin stripes, etc)
Factory options and packages like battery upgrades, leather seats, upgraded colors, convenience features are all included in the calculation.
The federal tax credit is unfortunately not deducted from the MSRP calculation.
If a vehicle is $44995 before destination (and has a range of 200+ miles) it would get the maximum incentive. If you were to get an upgraded color that was $500, your MSRP would push to $45495 hitting the soft cap and getting the lesser incentive.
FY24 of the Charge Up New Jersey program has opened as of Wednesday, July 12th, 2023. All vehicles ordered, purchased, or leased between April 17th, 2023 and July 12th, 2023 are not eligible for an incentive.