HB 330: RENEWABLE ENERGY EQUIPMENT VALUATION
An Act Relating To Taxation; Amending A Section Of Chapter 7, Article 36 Nmsa 1978 To Add Definitions; Providing For Valuation Of Renewable Energy Equipment That Is Subject To Property Taxation And That Is Used For The Generation, Transmission Or Distribution Of Electric Power Or Energy.
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HB 330
RENEWABLE ENERGY EQUIPMENT VALUATION
- Legislative URL:
- HB 330 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- - OTHER -
- Action:
- [10] HENRC/HTRC-HENRC [25] DP/a-HTRC [32] DP/a [35] PASSED/H (66-0) [24] SCORC/SFC-SCORC [38] DP-SFC API.
- Issue(s):
- Energy
Companion Bills
Related Legislators
- Bill Sponsor:
- Mary Helen Garcia
Related Documents
- Downloads:
-
Introduced
HENRC Committee Report
HTRC Committee Report
Final House Vote
SCORC Committee Report
Fiscal Impact Report
Summary
Under House Bill 330, “renewable energy equipment” that is used to generate, transmit or distribute electric power or energy would be valued differently that other electric plants for property tax purposes. The bill removes “renewable energy equipment” from the definition of “electric plant” and defines “renewable energy equipment” as “solar energy equipment” and “wind energy equipment.” It then defines those terms.
Renewable energy equipment will be valued at 20 percent of the following: the actual construction cost less (1) the amount of any federal investment tax credit claimed, (2) accumulated depreciation calculated on a useful life of ten years, and (3) other justifiable factors.
A benefit of this bill might be that it would encourage the additional development of wind and solar electric energy sources.
This bill is a companion bill to Senate Bill 284.
Outcome: HB 330 passed the House (66-0), and died in the Senate Finance Committee.
Date of Summary: 1/30/2013; Updated 5/21/13