Bill > HB242

This bill amends existing New Mexico law to modify the renewable energy production tax credit, which incentivizes the generation of electricity from renewable sources like wind, solar, geothermal, and biomass. Key changes include extending the eligibility for this tax credit until January 1, 2032, and adjusting the credit amounts and duration for solar-powered electricity generation, with different rates depending on when a facility receives its eligibility certification. The bill also clarifies that a "qualified energy generator" must have first produced electricity on or before January 1, 2021, and increases the overall cap on the total amount of electricity eligible for tax credits from wind, geothermal, and biomass sources from two million to three million megawatt-hours, with an additional increase for solar from five hundred thousand to one million megawatt-hours. Furthermore, it introduces a provision allowing a taxpayer to retain their original certification date for tax credits if their facility experiences a temporary shutdown of less than six consecutive months, and it updates the definition of "qualified energy generator" to include geothermal energy.