summary
Introduced
01/18/2022
01/18/2022
In Committee
02/15/2022
02/15/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 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 an Electric Vehicle Income Tax Credit and an Electric Vehicle Charging Unit Income Tax Credit. The Electric Vehicle Income Tax Credit provides a credit of $2,500 for the purchase or lease of an electric vehicle, with a higher credit of $4,000 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 $80 for electric vehicles and $40 for plug-in hybrid electric vehicles, with the revenue distributed to the state road fund and local governments road fund.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Action Postponed Indefinitely (on 02/15/2022)
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/Legislation/Legislation?chamber=S&legtype=B&legno=21&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0021.pdf |
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