Bill > SB9

This bill establishes new income tax credits for individuals and corporations in New Mexico related to electric vehicles (EVs) and their charging infrastructure, 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 EV, defined as a four-wheeled vehicle primarily for street use, manufactured to specific weight and speed standards, and propelled significantly by an electric motor with a battery capacity of at least four kilowatt-hours that can be recharged externally. Additionally, a new "electric vehicle charging unit income tax credit" provides individuals with a credit of up to $3,000 (or $5,000 if solar-powered) for purchasing and installing an EV charging unit that has passed inspection. Corporations can also claim an "electric vehicle charging unit corporate income tax credit" with the same limits for installing charging units on nonresidential property. These credits are available until January 1, 2021, with annual aggregate limits for the charging unit credits ($1 million each for individual and corporate credits) and are subject to departmental reporting and rule-making. The bill also introduces a new annual registration fee of $30 for electric vehicles, with the collected funds directed to the motor vehicle suspense fund for distribution as outlined in existing law, and amends existing provisions regarding vehicle registration fees and the disposition of those fees.