New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 23 - CLEAN CAR CORPORATE INCOME TAX CREDIT
Section 3.4.23.15 - CALCULATING THE STATE TAX CREDIT

Universal Citation: 3 NM Admin Code 3.4.23.15

Current through Register Vol. 35, No. 18, September 24, 2024

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.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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