Effective July 1, 2004, individuals or businesses purchasing a new gasoline-electric hybrid vehicle with a U.S. Environmental Protection Agency (EPA) fuel economy rating of at least 27.5 miles per gallon can receive a one-time exemption from the Motor Vehicle Excise Tax. The tax exemption amounts to 3% of the purchase price of a qualifying hybrid vehicle. A purchaser receives this tax break upon issuance of the original certificate of title, which occurs the first time the hybrid is registered with the NM Motor Vehicle Division. The tax exemption for gasoline-electric hybrid vehicles remains in effect for a five-year period ending June 30, 2009.