SANTA FE, N.M. (AP) — New Mexico would provide an income tax credit of up to $5,000 to offset the purchase of new plug-in electric vehicles as part of a proposal that cleared is first legislative hurdle on Monday.
A state Senate panel endorsed a bill to provide up to $10 million in annual tax credits toward electric vehicle purchases, and smaller tax breaks on home car-charging stations.
The full state tax credit would be available to middle- and low-income residents.
Individuals earning more than $50,000 annually would qualify for a smaller $2,500 credit.
The bill would increase electric vehicle registration fees to offset erosion of state tax income on gasoline sales.