Bill creating electric vehicle tax credit passes House floor
“This bill is another step forward in increasing electric vehicle use in New Mexico and making sure this technology is affordable for more of our citizens. With more electric vehicles on the road, we can reduce transportation emissions, improve air quality and save New Mexicans money over time. The initial cost of an electric vehicle is often out of reach for many New Mexicans, this bill will assist with the upfront cost of purchasing or leasing an electric vehicle.”
House Bill 217, sponsored by Reps. Jim Trujillo, Micaela Lara Cadena, Javier Martínez and Marian Matthews and Sen. Pat Woods, establishes a $2,500 tax credit for residents whose annual income is above $50,000 and a $5,000 tax credit for residents whose annual income is less than $50,000. A $300 tax credit is also available for the installation of an at home charging station.