MILD
HB 242
RENEWABLE ENERGY TAX CREDIT CHANGES
- Legislative URL:
- HB 242 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- HWMC
- Action:
- [4] HEENC/HWMC-HEENC [6] w/o rec-HWMC API.
- Issue(s):
- Energy
Companion Bills
Related Legislators
- Bill Sponsor:
- George Dodge, Jr.
Related Documents
- Downloads:
-
Introduced
HEENC Committee Report
Fiscal Impact Report
Summary
The Senate Corporations and Transportation Committee Substitute for SB 242 adds a January 1, 2032 sunset provision to the Renewable Energy Production Tax Credit. It adds geothermal energy as a qualified renewable energy source. It increases the amount of electricity that may be produced by qualified energy generators from 2-2.5 million megawatt hours up to 3.15-4.45 million megawatt hours. And it extends the date that a qualified energy generator must first produce electricity to qualify for the credit to 2021.
Note: The original SB 242 was a companion to HB 242. The substitute further increases the maximum amount of electricity that may be produced by qualified energy generators.
This amendments made by this bill may have the positive effect of encouraging an increase in the production of renewable energy.