N.M. Admin. Code § 3.4.23.15

Current through Register Vol. 35, No. 20, October 22, 2024

Section 3.4.23.15 - CALCULATING THE STATE TAX CREDIT

A. The amount of the tax credit shall be:

(1) for taxable years beginning January 1, 2024, and prior to January 1, 2027:

(a) $3,000 for a new electric vehicle.

(b) $2,500 for a new plug-in hybrid electric vehicle or fuel cell vehicle.

(c) $2,500 for a previously owned electric vehicle.

(d) $2,000 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

(2) for a taxable year beginning January 1, 2027, and prior to January 1, 2028:

(a) $2,220 for a new electric vehicle.

(b) $1,850 for a new plug-in hybrid electric vehicle or fuel cell vehicle.

(c) $1,850 for a previously owned electric vehicle.

(d) $1,480 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

(3) for a taxable year beginning on January 1, 2028, and prior to January 1, 2029:

(a) $1,470 for a new electric vehicle.

(b) $1,225 for a new plug-in hybrid electric vehicle or fuel cell vehicle.

(c) $1,225 for a previously owned electric vehicle.

(d) $980 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

(4) for the taxable year beginning January 1, 2029:

(a) $960 for a new electric vehicle.

(b) $800 for a new plug-in hybrid electric vehicle or fuel cell vehicle.

(c) $800 for a previously owned electric vehicle.

(d) $640 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

B. A state tax credit to an applicant for a clean car the department has certified shall not exceed:

(1) $3000 for a new clean car.

(2) $2500 for a previously owned clean car.

N.M. Admin. Code § 3.4.23.15

Adopted by New Mexico Register, Volume XXXV, Issue 18, September 24, 2024, eff. 9/24/2024