Bill > HB92

This bill creates the Geothermal Electricity Generation Income Tax Credit and the Geothermal Electricity Generation Corporate Income Tax Credit, which allow taxpayers who hold an interest in a geothermal electricity generation facility to claim a credit of $0.015 per kilowatt-hour of electricity generated in New Mexico. The bill also creates deductions from the Gross Receipts Tax and Compensating Tax for the sale and use of property and services related to the construction and equipment of geothermal electricity generation facilities. To offset the loss of local option gross receipts tax revenue due to these deductions, the bill provides distributions to municipalities and counties based on the deductions claimed by taxpayers within their jurisdictions.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=92&year=24