NEW MEXICO (KRQE) – New Mexicans can now apply for the state’s Clean Car Tax Credit, which will provide an income tax credit of up to $3,000 to individuals or businesses who purchase or lease an electric vehicle, plug-in hybrid electric vehicle, or fuel cell vehicle. The tax credit, enacted during the 2024 legislative session, also […]
NEW MEXICO (KRQE) – New Mexicans can now apply for the state’s Clean Car Tax Credit, which will provide an income tax credit of up to $3,000 to individuals or businesses who purchase or lease an electric vehicle, plug-in hybrid electric vehicle, or fuel cell vehicle.
The tax credit, enacted during the 2024 legislative session, also offers a credit of up to $25,000 for purchasing and installing a qualified vehicle charger for home or commercial use.
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“With these tax credits in place, we are able to support more New Mexicans when they choose to drive low- or zero-emission vehicles,” said New Mexico Energy, Minerals and Natural Resources Department Sec. Designate Melanie Kenderdine. “This is part of the Lujan Grisham administration’s overall effort to support affordable, environmentally friendly transportation options for all of our state’s residents.”
The law placed a limit on the purchase price of qualifying vehicles and allowed the credit to be claimed for used vehicles. New vehicles must have a base manufacturer’s suggested retail price of $55,000 or less, while previously owned vehicles must have a market value of $25,000 or less and come with a dealer-provided warranty of at least one year against defects and repairs.
The credits apply to vehicles and chargers purchased between May 15, 2024, and December 31, 2029. Federal tax credits are also available for the purchase of electric vehicles and may be combined to greatly reduce the purchase cost of an electric vehicle.
Visit EMNRD’s website at CleanEnergy.nm.gov to learn more and apply for the tax credit.