Protect New Mexico

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HB 124 : HOME ENERGY & WATER EFFICIENCY TAX CREDIT

An Act Relating To Taxation; Creating The Home Energy And Water Efficiency Income Tax Credit.

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MILD HB 124
HOME ENERGY & WATER EFFICIENCY TAX CREDIT

Legislative URL:
HB 124 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
H Flr
Action:
HPREF [5] HENRC/HTRC-HENRC [9] DP-HTRC [13] DNP-CS/DP - ref HAFC-HAFC- DP API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HENRC Committee Report
HTRC Committee Report
HTRC Committee Substitute
HAFC Committee Report
Fiscal Impact Report
Summary

This piece of legislation creates a “home energy and water efficiency income tax credit” for taxpayers who make improvements (physical changes) to the energy or indoor water use efficiency of the taxpayers’ primary residences. The credit will range from $1,200 to $2,500 for energy efficiency improvements and from $200 to $500 for water efficiency improvements. The amount of the credit will be determined by the increase in efficiency. The Energy, Minerals and Natural Resources Department must certify the system for it to qualify for the tax credit.

 

The purpose of the credit is to increase the efficiency of energy and indoor water use of existing residences in the state.

 

The New Mexico Taxation and Revenue Department (TRD) must compile an annual report on the tax credit detailing the number of taxpayers approved for the credit, the aggregate amount of credits approved and any other information necessary to evaluate the effectiveness of the credit. Beginning in 2017 and every three years after that, TRD must also prepare an analysis of the effectiveness and cost of the credit.

 

This bill may be a positive step towards encouraging taxpayers to making improvements towards their home for energy and water efficiency, both of which would be positive for the State. One question might be whether the credit is enough to provide the needed incentive. Another might be whether the cost of these kinds of improvements and the amount of the credit are feasible for lower- and mid-level income households.

 

Date of Summary:  1/22/2014

 

The HTRC Committee Substitute increases the amounts of the credits available.

 

Date of Revised Summary:  2/19/2014

Outcome: 

HB 124 died on the House floor calendar.

Updated 7/31/14