summary
Introduced
01/24/2022
01/24/2022
In Committee
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO ECONOMIC DEVELOPMENT; ENACTING THE HYDROGEN HUB DEVELOPMENT ACT; PROVIDING FOR THE DESIGNATION OF HYDROGEN HUBS; ALLOWING PUBLIC PARTNERS TO ENTER INTO PUBLIC-PRIVATE PARTNERSHIP AGREEMENTS TO FACILITATE DEVELOPMENT OF HYDROGEN HUB PROJECTS; CREATING THE HYDROGEN HUB DEVELOPMENT BOARD AND SPECIFYING POWERS; ESTABLISHING CRITERIA FOR APPROVAL OF HYDROGEN HUB PROJECTS; CREATING THE HYDROGEN HUB PROJECT FUND; AUTHORIZING GRANTS, LOANS AND REVENUE BONDS; SPECIFYING POWERS AND DUTIES OF THE NEW MEXICO FINANCE AUTHORITY; REQUIRING REPORTS; CREATING THE HYDROGEN PRODUCTION AND ENERGY GENERATION INCOME TAX CREDIT, THE HYDROGEN PRODUCTION AND ENERGY GENERATION CORPORATE INCOME TAX CREDIT AND GROSS RECEIPTS AND COMPENSATING TAX DEDUCTIONS FOR HYDROGEN-RELATED SALES AND USE; SPECIFYING ADDITIONAL DUTIES OF THE DEPARTMENT OF ENVIRONMENT; ADDING AN EXEMPTION TO THE PROCUREMENT CODE; AMENDING 6GLG DEFINITIONS IN THE RURAL ELECTRIC COOPERATIVE ACT AND THE RENEWABLE ENERGY ACT; DECLARING AN EMERGENCY.
AI Summary
This bill enacts the Hydrogen Hub Development Act, which provides for the designation of hydrogen hubs and allows public partners to enter into public-private partnership agreements to facilitate the development of hydrogen hub projects. The bill creates the Hydrogen Hub Development Board to review and approve hydrogen hub projects and public-private partnership agreements, and establishes the Hydrogen Hub Project Fund to provide grants and loans for hydrogen hub projects. The bill also creates income tax credits, corporate income tax credits, and gross receipts and compensating tax deductions for hydrogen-related activities. Additionally, the bill gives the Department of Environment additional duties related to evaluating the use of hydrogen for decarbonization and greenhouse gas emissions in New Mexico.
Committee Categories
Agriculture and Natural Resources
Sponsors (6)
Eliseo Alcon (D)*,
Patty Lundstrom (D)*,
Nathan Small (D)*,
Harry Garcia (D),
Moe Maestas (D),
Javier Martínez (D),
Last Action
House Energy, Environment and Natural Resources Committee (08:30 1/27/2022 Room 317) (on 01/27/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=4&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0004.pdf |
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