Section 15. Calculating The State Tax Credit

A. The amount of the tax credit shall be: (1) for taxable years beginning January 1, 2024, and prior to January 1, 2027: (a) $3,000 for a new electric vehicle. (b) $2,500 for a new plug-in hybrid electric vehicle or fuel cell vehicle. (c) $2,500 for a previously owned electric vehicle. (d) $2,000 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle. (2) for a taxable year beginning January 1, 2027, and prior to January 1, 2028: (a) $2,220 for a new electric vehicle. 3.4.23 NMAC 5 (b) $1,850 for a new plug-in hybrid electric vehicle or fuel cell vehicle. (c) $1,850 for a previously owned electric vehicle. (d) $1,480 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle. (3) for a taxable year beginning on January 1, 2028, and prior to January 1, 2029: (a) $1,470 for a new electric vehicle. (b) $1,225 for a new plug-in hybrid electric vehicle or fuel cell vehicle. (c) $1,225 for a previously owned electric vehicle. (d) $980 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle. (4) for the taxable year beginning January 1, 2029: (a) $960 for a new electric vehicle. (b) $800 for a new plug-in hybrid electric vehicle or fuel cell vehicle. (c) $800 for a previously owned electric vehicle. (d) $640 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle. B. A state tax credit to an applicant for a clean car the department has certified shall not exceed: (1) $3000 for a new clean car. (2) $2500 for a previously owned clean car.