Bill > SB104

This bill amends existing New Mexico law to modify the eligibility and calculation of renewable energy production tax credits, which are incentives for businesses and individuals generating electricity from renewable sources like solar, wind, geothermal, and biomass. Key changes include updating the credit amounts for solar energy based on when the electricity production began, introducing geothermal as an eligible energy resource for wind and biomass credits, and clarifying the certification process for qualified energy generators, which are facilities with at least one megawatt of generating capacity. The bill also adjusts the duration and conditions for claiming these credits, ensuring that credits are not claimed for electricity produced after January 1, 2032, and specifies that the total annual electricity production eligible for credits is capped, with these caps increasing over time for certain renewable sources. The legislation aims to encourage the development and use of renewable energy by providing financial incentives through tax credits, with specific provisions for both individual income tax and corporate income tax.