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HB 454: HYDROGEN FUEL PRODUCTION TAX CREDIT

An Act Relating To Taxation; Creating The Hydrogen Fuel Production Corporate Income Tax Credit.

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MILD HB 454
HYDROGEN FUEL PRODUCTION TAX CREDIT

Legislative URL:
HB 454 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
HWMC
Action:
[11] HEENC/HWMC-HEENC [16] w/o rec-HWMC API.
Issue(s):

Companion Bills

Bills:
HYDROGEN FUEL PRODUCTION TAX CREDIT

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HEENC Committee Report
Fiscal Impact Report

Related Events

Upcoming:
Summary

This bill, for the interim Science, Technology and Telecommunications Committee, creates the Hydrogen Fuel Production Corporate Income Tax Credit, which may be claimed by a taxpayer who holds title to a qualified hydrogen fuel or hydrogen resource generator that produces and sells hydrogen.

 

The tax credit, which cannot be claimed in addition to the Renewable Energy Production Tax Credit, will equal the cost of generating the hydrogen up to a maximum of $1.00 per kilogram of the first 4,000,000 kilograms of hydrogen fuel produced and sold by the qualified hydrogen fuel or hydrogen resource generator in the taxable year.

 

TRD may allow a maximum annual aggregate of $4,000,000 in hydrogen fuel production corporate income tax credits.