Bill > HB176

This bill creates a tax credit for New Mexico residents who purchase and permanently install backup power generators between March 1, 2025, and January 1, 2035. The credit is equal to 50% of the purchase and installation costs, with a total annual statewide limit of $5 million. Taxpayers must apply to the Energy, Minerals and Natural Resources Department for certification, and can claim the credit in the same taxable year they install the generator. If the credit amount exceeds the taxpayer's tax liability, the excess will be refunded. The credit applies to individual taxpayers who are not dependents, with special provisions for married couples filing separately and for business entities like partnerships. A backup power generator is defined as a device that automatically provides power when the main power source fails. The tax credit program will automatically expire on January 1, 2035, and applies to taxable years beginning on or after January 1, 2025.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=176&year=25