Bill > HB35

This bill extends the geothermal ground-coupled heat pump tax credits provided under the New Mexico Income Tax Act and the Corporate Income and Franchise Tax Act until December 31, 2032. The bill makes the credit under the Income Tax Act refundable, meaning any portion of the credit that exceeds the taxpayer's tax liability will be refunded to the taxpayer. The bill also amends the definition of "geothermal ground-coupled heat pump" for the credit under the Corporate Income and Franchise Tax Act. Additionally, the bill increases the maximum annual aggregate amount of the credits from $2 million to $16 million and requires the Taxation and Revenue Department to report annually on the utilization and cost of the tax credit.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=35&year=22