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SB 264: PLUG-IN ELECTRIC VEHICLE TAX EXEMPTION

An Act Relating To Taxation; Providing A Motor Vehicle Excise Tax Exemption For Qualified Plug-in Electric Drive Vehicles Until 2018; Defining "qualified Plug-in Electric Drive Vehicle" For Purposes Of Certain Tax Acts; Providing Gross Receipts Tax And Compensating Tax Exemptions For Qualified Plug-in Electric Drive Vehicles

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MILD SB 264
PLUG-IN ELECTRIC VEHICLE TAX EXEMPTION

Legislative URL:
SB 264 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
[3] SCORC/SFC-SCORC [8] DP-SFC [23] DNP-CS/DP [24] PASSED/S (34-6) [36] HBIC/HTRC-HBIC [39] DP-HTRC API.
Issue(s):
,

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCONC Committee Report
SFC Committee Report
SFC Committee Substitute
Final Senate Vote
HBIC Committee Report
Fiscal Impact Report
LESC Analysis
Summary

This bill creates a one-time exemption from the Motor Vehicle Excise Tax, Gross Receipts Tax and Compensating Tax for the purchase of “qualified plug-in electric vehicles.” It also amends the Alternative Energy Product Manufacturers Tax Credit Act to include such a plug in vehicle in its definition of an “alternative energy vehicle.” And, it amends that act and the Motor Vehicle Excise Tax Act to define “qualified plug-in electric drive vehicle.”

 

The bill defines a qualified plug-in electric vehicle as a motor vehicle with four wheels that:

  • is made by a manufacturer primarily for use on public streets, roads or highways;
  • has not been modified from the original manufacturer specifications;
  • is acquired for use or lease by a consumer and is not for resale;
  • is rated between 2,200 and 8,500 pounds unloaded base weight (no passengers or cargo);
  • has a maximum speed capability of at least 65 MPH; and,
  • is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than four kilowatt-hours and is capable of being recharged from an external source of electricity.

 

The SFC Substitute adopted on February 27, 2013, allows for a $1,320 “electric vehicle income tax credit” for the purchase qualified plug-in electric drive vehicles rather than the excise/gross receipts/compensating tax exemption created by the original bill. The substitute definition of qualified plug-in vehicle differs only slightly. The substitute caps the credit at $2 million annually.

 

Date of Summary:  1/25/2013, Updated 2/28/2013