Bill > SB113

This bill increases the tax credit for transporting agricultural biomass, which is defined as wet manure from dairy or feedlot operations, to facilities that use it to generate electricity or produce biocrude (a non-fossil fuel derived from biological matter) or other fuels. Specifically, the credit amount per wet ton is doubled from five dollars to ten dollars for both individual taxpayers filing an agricultural biomass income tax credit and corporations filing an agricultural biomass corporate income tax credit, with these credits applying to taxable years ending before January 1, 2030. The total amount of these credits that can be certified annually is capped at five million dollars, and applications are processed in the order they are received. The bill also clarifies that these provisions apply to taxable years beginning on or after January 1, 2026.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=113&year=26