Bill > SB68

This bill extends the geothermal ground-coupled heat pump tax credits under the New Mexico Income Tax Act and Corporate Income and Franchise Tax Act. It makes the credit under the Income Tax Act refundable, meaning that any unused portion of the credit will be refunded to the taxpayer, rather than carried forward. 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 of geothermal ground-coupled heat pump tax credits from $2 million to $16 million and requires the Department of Taxation to compile an annual report on the tax credit.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=68&year=22