Bill > HB51

This bill creates two new tax credits for energy storage systems in New Mexico, one for individual taxpayers and another for corporate taxpayers, aimed at encouraging the adoption of energy storage technology. For individual taxpayers, the bill provides a tax credit of 40% of the purchase and installation costs of an energy storage system, with a maximum credit of $6,000 for residential properties and $150,000 for non-residential properties. Corporate taxpayers can receive a similar 40% credit, with a maximum of $150,000 for non-residential properties. To qualify, the energy storage system must be a stationary, commercially available system capable of storing and delivering electrical energy, with a rating of at least three kilowatt-hours, and must be tested and certified by a nationally recognized testing laboratory. Taxpayers must apply for certification within 12 months of the system becoming operational, and the total aggregate credits for both individual and corporate tax credits are limited to $6 million per calendar year. The credits can be carried forward for up to five consecutive years if they exceed the taxpayer's tax liability in the year claimed, and the program is set to expire on January 1, 2031. Notably, a taxpayer cannot claim both the individual and corporate tax credit for the same energy storage system.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=51&year=25