Bill > SB45

This bill extends and expands the Geothermal Ground-coupled Heat Pump Tax Credit in New Mexico. It allows individual and corporate taxpayers to claim a tax credit of up to 30% of the purchase and installation costs of a geothermal heat pump installed between 2023 and 2033, up to $9,000 per taxpayer. The bill increases the annual aggregate cap on the tax credits from $2 million to $16 million, and allows any unused credit amount to be refunded to the taxpayer rather than carried forward. The bill also requires the New Mexico Taxation and Revenue Department to adopt rules for certifying eligible geothermal heat pumps and to report annually on the use of the tax credit.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=45&year=23