State seeks input on Clean Car Tax Credit rules

New Mexico’s Energy, Minerals and Natural Resources Department put out a call for public input on proposed rules for the state’s Clean Car Tax Credit program.

Part of the tax bill signed by Gov. Michelle Lujan Grisham in March, the program provides tax credits to the purchase or lease of electric-powered vehicles including hybrid, plug-in and fuel cell cars. Incentives are also available for the installation of charging equipment for those vehicles. Personal and business income tax credits are both available. The program is administered under the EMNRD.

Qualifying new vehicles must carry a suggested retail price of $55,000 or less, while used vehicles must have a market value of $25,000 or less and carry a one-year warranty against defects and repairs. The credits apply to purchases or leases of at least three years obtained between May 15 of this year and Dec. 31, 2029.

“The public comment period and rulemaking will clarify eligibility and requirements for other cars,” Energy Conservation and Management Division director Rebecca “Puck” Stair said in a news release.

Following the 30-day comment period, the department will incorporate the feedback into the final rules ahead of processing the first tax credit applications. A web page with more information about the program and a link to offer input can be found at clean.energy.nm.gov.