The list below contains summaries of all New Mexico incentives and laws related to HEVs / PHEVs.
The Alternative Energy Product Manufacturers Tax Credit provides a credit against combined reporting taxes (gross receipts, compensating, and withholding) for qualified manufacturers of alternative energy products, which includes hydrogen and fuel cell vehicle systems, and electric and hybrid electric vehicles. The credit is limited to 5% of qualifying expenditures, and manufacturers must fulfill job creation requirements to be eligible. Qualified manufacturers must apply for and receive approval from the New Mexico Taxation and Revenue Department before they may claim the credit. (Reference New Mexico Statutes 7-9J)
A minimum of 75% of state government and educational institution fleet vehicles purchased must be HEVs or bi-fuel or dedicated AFVs, which includes plug-in electric vehicles. Vehicles must meet or exceed the federal corporate average fuel economy standards. Certified law enforcement pursuit vehicles and emergency vehicles are exempt from this requirement. The New Mexico Energy, Minerals and Natural Resources Department may grant additional exemptions based on the availability and suitability of vehicles, as well as fuel availability and cost.
Up to $5 million is authorized for a revolving loan fund for AFV acquisitions by state agencies, political subdivisions, and educational institutions. The maximum amount of a loan per vehicle must not exceed the actual cost of acquiring the vehicle or $3,000, whichever is less. Projected fuel cost savings from using the AFV is considered when the loan repayment schedule is developed.
(Reference New Mexico Statutes 13-1B)