Bill > HB32

This bill establishes an Energy Storage System Income Tax Credit in New Mexico. The key provisions are: 1. Taxpayers who purchase and install an energy storage system on their residence or commercial/agricultural property in New Mexico on or after March 1, 2023 can claim a tax credit of up to 40% of the costs, with a maximum credit of $5,000 for residential systems and $150,000 for commercial/agricultural systems. 2. Taxpayers must apply for certification of eligibility from the Energy, Minerals and Natural Resources Department, and the total amount of credits certified per calendar year is capped at $4 million. 3. The tax credit can be claimed in the year the system is installed, and any excess credit can be refunded or carried forward for up to 5 years. Married individuals filing separately can each claim half the credit. 4. The Taxation and Revenue Department must report annually on the use and cost of the tax credit. The bill defines an "energy storage system" as a commercially available, customer-sited system capable of storing and delivering electrical energy, with certain technical specifications related to size and compatibility with on-site generation or the grid.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=32&year=23