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SB 584: GEOTHERMAL HEAT PUMP TAX CREDIT

An Act Relating To Taxation; Amending A Section Of The Income Tax Act To Clarify That The Geothermal Ground-coupled Heat Pump Tax Credit Is Applicable To Each Unit Of Property That A Heat Pump Or Pumps May Be Installed On Or In.

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MILD SB 584
GEOTHERMAL HEAT PUMP TAX CREDIT

Legislative URL:
SB 584 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
SFC
Action:
[6] SCONC/SCORC/SFC-SCONC [22] DP-SCORC [27] DNP-CS/DP-SFC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCONC Committee Report
SCORC Committee Report
SCORC Committee Substitute
Fiscal Impact Report

Related Events

Upcoming:
Summary

This bill amends the Income Tax Act to clarify that the Geothermal Ground-Coupled Heat Pump Tax Credit is applicable to each unit of property where a heat pump or pumps is installed.

 

The Senate Corporations and Transportation Committee Substitute for Senate bill 584 expands upon the original bill. It amends the Income Tax Act and the Corporate Income and Franchise Tax Act to make the Geothermal Ground-Coupled Heat Pump Tax Credit applicable to:

  • both individual and corporate income taxpayers; and to
  • each geothermal ground-coupled heat pump purchased and installed in one or more residences, businesses or agricultural enterprises.

 

A taxpayer may claim multiple geothermal ground-coupled heat pump tax credits if multiple geothermal ground-coupled heat pumps are installed in one or more residences, businesses or agricultural enterprises. The total geothermal ground-coupled heat pump tax credit allowed to a taxpayer shall not exceed $9,000 per geothermal ground-coupled heat pump purchased and installed.

A potential benefit of this bill might be that it will encourage owners of one or more residences, businesses or agricultural enterprises to install multiple geothermal ground-coupled heat pumps, as an alternative to dependence on less benign energy sources.