HB 512: NATURAL GAS CAR TAX DEDUCTIONS & CREDITS
An Act Relating To Taxation; Providing Tax Deductions And Credits For Natural Gas Motor Vehicles; Exempting Natural Gas Motor Vehicles From The Motor Vehicle Excise Tax.
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HB 512
NATURAL GAS CAR TAX DEDUCTIONS & CREDITS
- Legislative URL:
- HB 512 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- HWMC
- Action:
- [15] HEENC/HWMC-HEENC [24] DP-HWMC API.
- Issue(s):
- Transportation
Companion Bills
Related Legislators
- Bill Sponsor:
- David Gallegos
Related Documents
- Downloads:
-
Introduced
HEENC Committee Report
Fiscal Impact Report
Summary
This bill provides tax deductions and credits for purchases between from January 1, 2016 and December 31, 2022 of natural gas motor vehicle equipment and natural gas motor vehicles, including:
- a gross receipts tax and compensating tax deduction for the purchase and installation of qualified natural gas motor vehicle equipment;
- a motor vehicle excise tax exemption for the purchase of a new motor vehicle with a gross vehicle weight of more than 14,000 pounds that is certified by the United States Environmental Protection Agency to operate on natural gas fuel with emissions benefits; and
- a personal or corporate income tax credit of up to 55 percent of the cost of the purchase or lease of a natural gas motor vehicle or the purchase and installation of qualified natural gas motor vehicle equipment.
A possible benefit of this bill might be an increase in the use of natural gas to power vehicles on the roads of the state, potentially leading to some improvement in air quality.
Note: HB 512 is very similar, though not identical, to SB 347.