New Mexico department looks for input on Clean Car Tax Credit rules

NEW MEXICO (KRQE) – The state is looking for feedback on rules for the Clean Car Tax Credit Program.

In 2024’s legislative session, the program was enacted. It encourages the use of electric vehicles and would create the installation of vehicle charges throughout the state.

New Mexico Energy, Minerals, and Natural Resources Department (EMNRD) wants to hear from the public, so they can adjust their rules before tax credit applications are processed.

“Some vehicles will be automatically eligible for the tax credit. The public comment period and rulemaking will clarify eligibility and requirements for other cars. We are excited about receiving public input before the credit rule is finalized. This will help ensure a robust, responsive and impactful program,” said Rebecca Stair, director of EMRD’s Energy Conservation and Management Division, which will administer the Clean Car Tax Credit.

Proposed rules allow personal and business income tax credits for electric vehicles, plug-in hybrids, and fuel cell vehicles. It also qualifies electric vehicle charges for home and commercial use.

“This initiative represents a significant step forward in the Lujan Grisham administration’s continuing efforts to support affordable transportation for New Mexicans, while also reducing greenhouse gas emissions. By incentivizing the adoption of clean cars and supporting the infrastructure needed for charging, we aim to build a more sustainable future for all New Mexicans,” explained Stair.

Proposed Guidelines:
If it’s a new vehicle, the suggested retail price should be $55,000 or less. Previously owned vehicles should have a market value of $25,000 or less. The credits would apply for vehicles, and chargers, bought between May 15, 2024, and December 31, 2029. Learn more by clicking here.

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