summary
Introduced
01/19/2021
01/19/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO ELECTRIC MOTOR VEHICLES; CREATING THE ELECTRIC VEHICLE INCOME TAX CREDIT; CREATING THE ELECTRIC VEHICLE CHARGING UNIT INCOME TAX CREDIT; REQUIRING AN ADDITIONAL REGISTRATION FEE FOR ELECTRIC AND PLUG-IN HYBRID ELECTRIC VEHICLES; PROVIDING THAT THE ADDITIONAL REGISTRATION FEES BE DISTRIBUTED TO THE STATE ROAD FUND AND THE LOCAL GOVERNMENTS ROAD FUND.
AI Summary
This bill creates the Electric Vehicle Income Tax Credit and the Electric Vehicle Charging Unit Income Tax Credit in New Mexico. The Electric Vehicle Income Tax Credit provides a credit of up to $5,000 for the purchase or lease of a new electric vehicle, with higher credits for lower-income taxpayers. The Electric Vehicle Charging Unit Income Tax Credit provides a credit of up to $300 for the purchase and installation of an electric vehicle charging unit. The bill also imposes an additional annual registration fee of $100 for electric vehicles and $50 for plug-in hybrid electric vehicles, with the revenue distributed to the state and local road funds.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (09:00 2/27/2021 Room zoom) (on 02/27/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=58&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0058.pdf |
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