New Mexico officials are hailing House passage of a bill creating an electric vehicle tax credit as another step forward in increasing electric vehicle (EV) use.
House Bill 217, sponsored by State Reps. Jim Trujillo (D-Dist. 45), Micaela Lara Cadena (D-Dist. 33), Javier Martínez (D-Dist. 11), Marian Matthews (D-Dist. 27), and Sen. Pat Woods (R-Dist. 7), recently advanced the State House of Representatives on by a vote of 40-27. It seeks to make EVs and charging stations more affordable.
“With more electric vehicles on the road, we can reduce transportation emissions, improve air quality and save New Mexicans money over time,” Gov. Michelle Lujan Grisham said. “The initial cost of an electric vehicle is often out of reach for many New Mexicans. This bill will assist with the upfront cost of purchasing or leasing an electric vehicle.”
The measure establishes a $2,500 tax credit for residents whose annual income is above $50,000 and a $5,000 tax credit for residents whose annual income is less than $50,000. A $300 tax credit is also available for the installation of an at-home charging station.