NM Sustainable Building Tax Credit (SBTC) by New Mexico EMNRD
NM Sustainable Building Tax Credit (SBTC) by New Mexico EMNRD
Residential Level 2 Tax Credit:
This applies to dedicated 240V circuits installed in single-family or multi-family residential buildings.
The $500 maximum credit is per charging station/outlet installed.
Eligible costs include the EV circuit electrical wiring, installation labor, materials, and the charging outlet or hardwired station.
The tax credit can be claimed against personal income taxes.
Residential Low-Income Level 2 Tax Credit:
This higher $1,000 per charger credit tier requires the residential owner/occupant to have a household adjusted gross income ≤ 200% of the federal poverty level.
Income verification like tax returns or pay stubs may be required.
Same eligible installation/materials costs covered as the standard residential credit.
Commercial Level 2 Credit:
Limited to buildings 20,000 sq ft or less in size. This would cover smaller businesses, offices, etc.
$1,500 maximum credit is per Level 2 charging station installed, up to 50% of total project costs.
Total project costs can include electrical service upgrades needed to support the EV charging load.
Commercial Affordable Housing Credit:
$3,000 maximum per Level 2 charger, up to 50% of total costs.
The property must be an affordable housing unit with residents ≤ 200% of federal poverty level.
Designed to help defray upfront costs of electrifying affordable multi-family housing.