Bill > SB22

This bill establishes two new tax credits in New Mexico related to electric vehicles. The first is an electric vehicle income tax credit of $3,250 for the purchase or 3-year lease of a new electric vehicle, with an annual cap of $10 million. The second is an electric vehicle charging unit income tax credit of up to $300 for the purchase and installation of an electric vehicle charging unit, with an annual cap of $1 million. The bill also imposes additional annual registration fees of $120 for electric vehicles and $60 for plug-in hybrid electric vehicles. The revenue from these fees will be distributed to the state road fund and a transportation project fund.