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HB 242: RENEWABLE ENERGY TAX CREDIT CHANGES

An Act Relating To Utilities; Increasing The Amount Of Electricity That May Be Produced By Qualified Energy Generators That Will Be Eligible For The Renewable Energy Production Tax Credit; Extending The Date That A Qualified Energy Generator Must First Produce Electricity To Qualify For The Renewable Energy Production Tax Credit; Decreasing The Amount Of Credit Per Kilowatt-hour For Certain Taxable Years; Limiting The Period For Which A Taxpayer May Claim The Renewable Energy Production Tax Credit; Making Geothermal Energy A Qualified Energy Source.

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MILD HB 242
RENEWABLE ENERGY TAX CREDIT CHANGES

Legislative URL:
HB 242 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
HWMC
Action:
[4] HEENC/HWMC-HEENC [6] w/o rec-HWMC API.
Issue(s):

Companion Bills

Bills:
RENEWABLE ENERGY TAX CREDIT CHANGES

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HEENC Committee Report
Fiscal Impact Report

Related Events

Upcoming:
Summary

The Senate Corporations and Transportation Committee Substitute for SB 242 adds a January 1, 2032 sunset provision to the Renewable Energy Production Tax Credit. It adds geothermal energy as a qualified renewable energy source. It increases the amount of electricity that may be produced by qualified energy generators from 2-2.5 million megawatt hours up to 3.15-4.45 million megawatt hours. And it extends the date that a qualified energy generator must first produce electricity to qualify for the credit to 2021.

Note: The original SB 242 was a companion to HB 242. The substitute further increases the maximum amount of electricity that may be produced by qualified energy generators.

This amendments made by this bill may have the positive effect of encouraging an increase in the production of renewable energy.