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):
- Energy, Transportation
Related Legislators
- Bill Sponsor:
- Phil Griego
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