Bill > HB11

This bill creates the Energy Storage System Income Tax Credit in New Mexico. It allows taxpayers who purchase and install an energy storage system on their agricultural, business, or residential property to claim a tax credit of up to 40% of the total cost, up to a maximum of $5,000. The bill sets an annual aggregate cap of $1 million for the tax credits and requires the Energy, Minerals and Natural Resources Department to create a website for taxpayers to report information about their installed systems and pay a $100 fee. The department must also provide annual reports on the energy storage systems installed. The tax credit applies to taxable years beginning on or after January 1, 2023, and is available until January 1, 2025.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=11&year=22