N.M. Admin. Code § 3.4.23.7

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

Section 3.4.23.7 - DEFINITIONS

For additional definitions refer to Section 7-2A-19.01 NMSA 1978.

A."Applicant" means a New Mexico taxpayer that has purchased an electric vehicle, plug-in hybrid electric vehicle or fuel cell vehicle or enters into a new lease of at least three years for one of these vehicles.

B."Application package" means the application documents an applicant submits to the department for certification to receive a state tax credit.

C."Certified" or "certification" means department approval of an applicant's eligible purchase of an electric vehicle, plug-in hybrid electric vehicle or fuel cell vehicle, or an applicant's new lease of at least three years for one of these vehicles, either of which makes the applicant owning or leasing the vehicle eligible for a state tax credit.

D."Department" means the energy, minerals, and natural resources department.

E."Division" means the department's energy conservation and management division.

F."Extended warranty" means a dealership-provided one-year extended warranty against defects and repairs on a previously owned vehicle.

G."Licensed dealer" means a dealer licensed by the motor vehicle division of the taxation revenue department pursuant to Section 66-4-2 NMSA 1978 or a dealer located on tribal land within New Mexico.

H."New lease" means when a taxpayer enters into a new lease agreement of at least three years for a clean car vehicle.

I."State tax credit" or "tax credit" means the clean car corporate income tax credit.

N.M. Admin. Code § 3.4.23.7

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