N.J. Admin. Code § 7:27-29.7

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:27-29.7 - ZEV Credit Bank

(a) Beginning in model year 2009, each intermediate volume and large volume manufacturer of ZEVs, ATPZEVs and PZEVs shall open an account in the ZEV credit bank. Except as set for in (h) below, the account must be opened no later than January 1, 2009.

(b) In order to open an account with the ZEV Credit Bank, the manufacturer shall submit to the Department an account application form containing the following information:

1. For the account holder:

i. Name;

ii. Mailing address;

iii. Telephone number;

iv. Type of business (if applicable);

v. The authorized representative's name, title, phone number, fax number and email address; and

vi. The authorized representative's signature.

(c) Upon receipt of a complete account application, the Department shall issue a unique identifier for the account and notify the account applicant of the identifier.

(d) In order to deposit credits into the ZEV Credit Bank, a manufacturer shall submit a Notice of Credit Generation to the Department on a form that the Department provides. The Notice of Credit Generation shall include the following:

1. For ZEVs delivered for sale in the State:

i. The manufacturer's ZEV Credit Bank account identifier;

ii. The model year of the vehicle qualifying for credit;

iii. The CARB Executive Order number;

iv. The ZEV Tier type (NEV, 0, I, II, III for California, III for Section 177 states);

v. The vehicle identification number; and

vi. The date the vehicle was delivered for sale in New Jersey.

2. For ZEVs placed in service in the State, all information listed under (d)1, above, and also the following:

i. The date the vehicle was placed in service; and

ii. Whether the vehicle was placed in service with an option to purchase or lease the vehicle;

3. For ATPZEVs and PZEVs delivered for sale in the State:

i. The vehicle certification class (ATPZEV or PZEV);

ii. The manufacturer's ZEV Credit Bank account identification;

iii. The model year of the vehicle(s);

iv. The date the vehicle was delivered for sale in New Jersey;

v. For ATPZEVs, the Federal test group;

vi. The CARB executive order number; and

vii. The number of vehicles delivered.

(e) The number of the credits generated and deposited for each qualifying vehicle shall be the number of qualifying vehicles times the applicable multiplier forth in Title 13 of the California Code of Regulations, Section 1962, except the multiplier applied to vehicles produced and delivered for sale in New Jersey from January 1, 1999 to January 13, 2004 shall be the highest applicable multiplier used by the CARB for the period January 1, 1999 to January 13, 2004.

(f) A vehicle equivalent credit does not constitute or convey a property right.

(g) Except as provided in (h) below, annually each manufacturer shall submit to the Department Notices of Generation or notice of a transfer to another manufacturer. Credits generated that are not reported to the Department on or before September 1 following the close of the model year in which the qualifying vehicle was produced and delivered for sale in the State shall not be deposited into the manufacturer's account, and cannot be used to offset ZEV sales requirements.

(h) In order to generate and deposit credits for vehicles delivered for sale in the State during the 1999 through 2005 model years, a manufacturer shall open an account with the ZEV Credit Bank and submit an appropriate Notice of Credit Generation to the Department on or before September 1, 2006.

(i) A manufacturer with an account in the ZEV Credit Bank may acquire credits from another manufacturer with an account in the ZEV Credit Bank; however, if the credits are to be used for future compliance with the ZEV sales requirement at N.J.A.C. 7:27-29.6, the transaction must be recorded in the ZEV Credit Bank and certified by both parties to the transaction.

(j) For each acquisition of credits from another manufacturer, the manufacturer from whom the credits are acquired shall supply the following information to the Department, on a form that the Department shall supply:

1. The date of acquisition;

2. The model year the credits were generated;

3. The type of vehicle (NEV, ZEV type, ATPZEV or PZEV); and

4. The number of credits in grams/mile NMOG.

(k) The Department will verify all credits and, if discrepancies are found, will notify the manufacturer and adjust the account. The Department may audit an account at any time.

(l) A manufacturer may deposit into its account in the ZEV Credit Bank a number of credits equal to its California credit balance as of January 2, 2008, multiplied by the California credit ratio. The deposit may be made only after all credit obligations for model years 2008 and earlier have been satisfied in California.

(m) A manufacturer electing to deposit credits under (l), above, shall offer for sale in New Jersey in model years 2009 through 2011 any PZEV, AT-ZEV or ZEV, except Type III ZEVs, that it offers for sale in California during the same period.

N.J. Admin. Code § 7:27-29.7