New Mexico Looks to Extend Tax Break on Hybrid Cars ~ Hybrid Car Review
Hybrid Car Review: New Mexico Looks to Extend Tax Break on Hybrid Cars

Tuesday, March 10, 2009

New Mexico Looks to Extend Tax Break on Hybrid Cars

According to an AP story, the tax break on hybrid cars in New Mexico is set to be extended for another three years.

The current tax break is a one time exemption to the excise tax for those who buy a new fuel-efficient hybrid. The exemption is set to expire at the end of June, but the House just approved a three year extension.

The Senate and governor still need to approve the bill.

According to the story, the bill would extend the exemption until 2012, although the original bill (pdf) set the end date to 2014.

In 2008, the exemption cost the state a total of $1,575 on 2,464 new hybrids. The bill notes the economic downturn may lead to a reduction in the amount the exemption will cost the state, since they believe fewer people will buy hybrids in New Mexico in the coming two years.

The exemption only applies to hybrid vehicles getting 27.5 mpg or better. According to my list of fuel efficient cars, that means quite a few hybrids are eligible, including the Prius, the new Insight, Escape and Mariner, Camry, and Civic Hybrids. I'm guessing the mild hybrids (Vue, Malibu, and Aura) would also qualify?

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