EXTEND TIME PERIOD FOR ENERGY TAX CREDITS
- Legislative URL:
- SB 233 on nmlegis.gov
- Emergency Clause:
-  SCC/SCONC/SCORC/SFC-SCC-germane-SCONC  DP-SCORC API.
This bill extends from 2015 to 2020 the date by which construction of a qualified generating facility must begin in order for a taxpayer to claim an advanced energy income tax credit, an advanced energy corporate income tax credit, an advanced energy deduction pursuant to the gross receipts and compensating tax act, and an advanced energy combined reporting tax credit. And it reduces from 60,000,000 to 1,000,000 the aggregate amount of all advanced energy tax credits that may be claimed with respect to a qualified generating facility.
A “qualified generating facility” may be a solar thermal electric generating facility, a solar photovoltaic electric generating facility, a geothermal electric generating facility, a recycled energy project, or a new or repowered coal-based electric generating facility and an associated coal gasification facility.
A possible benefit of this bill might be to encourage development of generating facilities that use cleaner, alternative energy sources and technologies.