Hi I am very late to realize that NJ is starting to charge sales tax on EV on Oct 1, half tax until June 30, 2025, then full sales tax. Can someone help explain whether this affects prior (ongoing) leases?
a) If the lease is treated as one sale, then the tax at the point of the sale applies. I make the same payment for the reminder of the lease.
b) If the lease is treated as separate transactions, like 24 or 36 month-long rental agreement, then the tax rate at each month applies, so there will be increased monthly payment due to tax.
I assume it’s the a), i.e., no change. Can someone confirm?
Thanks (and mod feel free to combine this if another post is similar).