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SB 003: HYDROGEN FUEL PRODUCTION TAX CREDIT

An Act Relating To Taxation; Enacting A New Section Of The Corporate Income And Franchise Tax Act To Provide For A Hydrogen Fuel Production Corporate Income Tax Credit

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MILD SB 003
HYDROGEN FUEL PRODUCTION TAX CREDIT

Legislative URL:
SB 003 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
SPREF [1] SCORC/SFC-SCORC [4] DP-SFC [19] DP/a [23] PASSED/S (37-0) [33] HBIC/HTRC-HBIC [39] DP-HTRC API.
Issue(s):
,

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCONC Committee Report
SFC Committee Report
LESC Analysis
Final Senate Vote
HBIC Committee Report
Fiscal Impact Report
LESC Analysis
Summary

This bill would create the “hydrogen fuel production corporate income tax credit” for the production and sale of hydrogen fuel in order “to stimulate the production and sale of hydrogen as a renewable fuel and energy source.” In order to claim the credit, the taxpayer must holds title to a qualified hydrogen fuel or hydrogen resource generator that first produces and sells hydrogen on or before January 1, 2019. The credit is available to a taxpayer for 5 consecutive years and equals the cost of generating the hydrogen, but is capped at $1.00 per kilogram of the first four million kilograms of hydrogen fuel produced and sold.

The bill defines “qualified hydrogen fuel or hydrogen resource generator” as a hydrogen fuel generator or hydrogen resource generator that is certified to use renewably powered thermolysis or electrolysis such as that is solar-light, solar-heat, plasma, wind, hydroelectric or geothermal derived.

The bill is introduced for the interim Science, Technology and Telecommunications Committee.

Outcome: SB 003 passed the Senate (37-0) and died in the House Taxation and Revenue Committee.

Date of Summary:  1/16/13; Updated 5/19/13