Bill > HB175

This bill amends existing New Mexico law to modify the eligibility and calculation of renewable energy production tax credits, which are incentives offered to businesses and individuals for generating electricity from renewable sources. The changes aim to update the credit amounts and eligibility criteria for various renewable energy technologies, including wind, biomass, geothermal, and solar. Key provisions include adjustments to the per-megawatt-hour credit rates based on when the electricity generation facility (referred to as a "qualified energy generator") began producing power, with newer facilities generally receiving lower rates. The bill also clarifies the process for obtaining a certificate of eligibility from the Energy, Minerals and Natural Resources Department, which is required to claim the credit, and sets overall limits on the total amount of electricity eligible for credits annually across all generators. The legislation also specifies that these updated provisions apply to taxable years beginning on or after January 1, 2015, and that the tax credit cannot be claimed for electricity produced after January 1, 2032.