Bill > HB136

This bill establishes new income tax credits for individuals and corporations in New Mexico related to electric vehicles, aiming to reduce environmental emissions. For individuals, a new "electric vehicle income tax credit" offers up to $2,500 for purchasing or leasing a "qualified electric vehicle," defined as a four-wheeled motor vehicle manufactured for road use, weighing between 2,200 and 8,500 pounds unloaded, capable of at least 65 mph, and propelled significantly by an electric motor with a rechargeable battery of at least four kilowatt-hours. Additionally, a new "electric vehicle charging unit income tax credit" provides a credit for purchasing and installing an electric vehicle charging unit, capped at $3,000 or 30% of the cost (or $5,000 for solar-powered units), with an annual statewide limit of $1 million for these charging unit credits combined with corporate credits. Corporations can also receive an "electric vehicle charging unit corporate income tax credit" with the same limits and purpose as the individual charging unit credit. These credits are available for taxable years beginning on or after January 1, 2014, and before January 1, 2020, with provisions for refunds of excess credit amounts and annual reporting by the department to assess the program's effectiveness.