Current:Home > NewsNew Mexico revisits tax credits for electric vehicles after governor’s veto -CapitalSource
New Mexico revisits tax credits for electric vehicles after governor’s veto
View
Date:2025-04-18 03:35:07
SANTA FE, N.M. (AP) — The administration of New Mexico Gov. Michelle Lujan Grisham used a legislative hearing Monday to outline new priorities for state credits toward the purchase of electric vehicles that would aid low-income residents as well as small businesses.
Taxation and Revenue Department Secretary Stephanie Schardin Clarke told a panel of legislators the administration envisions tax credits that would provide a refund for low-income residents toward the purchase of a electric or plug-in electric vehicle.
She said the credit likely would apply to new and used vehicles, mimicking federal incentives.
That would ensure that people with the lowest incomes and have the lowest tax liability can fully participate, Schardin Clarke said.
She also signaled support for corporate income tax credits to spur deployment of electric vehicles by small businesses, an offer that wouldn’t apply to large vehicle fleets.
Lujan Grisham, a Democrat, intends to pursue tax credits for electric vehicles during the upcoming legislative session, starting in January 2024. Bills have not yet been introduced.
In April, the governor vetoed a package of tax credits from Democrats in the legislative majority designed to rein in climate change and reduce fossil fuel consumption, including a credit of up to $4,000 toward the purchase of an electric vehicle — indicating that she wasn’t satisfied with provisions.
Schardin Clarke said the appropriate size of tax credits for electric vehicles is still under study.
Monday’s hearing also explored aspirations and concerns surrounding proposed rules for automakers to provide an increasing number of electric cars and trucks for sale in New Mexico. Republicans in the legislative minority pilloried that plan as impractical for residents of rural swaths of the state and a threat to local vehicle dealerships.
Last year’s Inflation Reduction Act provided a federal tax credit of up to $7,500 to use toward certain EVs. Starting in 2024, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. government income tax credits at the time of purchase.
veryGood! (3846)
Related
- Nevada attorney general revives 2020 fake electors case
- El Chapo’s son pleads not guilty to narcotics, money laundering and firearms charges
- Louisiana cleaning up oil spill in Lafourche Parish
- Horoscopes Today, July 30, 2024
- DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
- Tish Cyrus and Noah Cyrus Put on United Front After Dominic Purcell Rumors
- Another Chinese Olympic doping scandal hurts swimmers who play by the rules
- Eight international track and field stars to know at the 2024 Paris Olympics
- 'Most Whopper
- What's on board Atlas V? ULA rocket launches on classified Space Force mission
Ranking
- Tom Holland's New Venture Revealed
- Jodie Sweetin defends Olympics amid Last Supper controversy, Candace Cameron critiques
- South Sudan men's basketball beats odds to inspire at Olympics
- MyKayla Skinner Reacts to Team USA Gymnasts Winning Gold After Controversial Comments
- Nearly half of US teens are online ‘constantly,’ Pew report finds
- NYC’s latest crackdown on illegal weed shops is finally shutting them down
- 4 people and 2 dogs die in a house fire near Tampa
- Meet the Olympics superfan who spent her savings to get to her 7th Games
Recommendation
DoorDash steps up driver ID checks after traffic safety complaints
Boeing names new CEO as it posts a loss of more than $1.4 billion in second quarter
Olympic gymnastics live updates: Simone Biles, USA win gold medal in team final
As average cost for kid's birthday party can top $300, parents ask 'How much is too much?'
A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
Natalie Portman, Serena Williams and More Flip Out in the Crowd at Women's Gymnastics Final
City lawyers offer different view about why Chicago police stopped man before fatal shooting
South Carolina Supreme Court rules state death penalty including firing squad is legal