SB 104: RENEWABLE ENERGY TAX CREDIT ELIGIBILITY

An Act Relating To Utilities; Increasing The Amount Of Electricity That May Be Produced By Qualified Energy Generators That Will Be Eligible For The Renewable Energy Production Tax Credit; Extending The Date That A Qualified Energy Generator Must First Produce Electricity To Qualify For The Renewable Energy Production Tax Credit; Decreasing The Amount Of Credit Per Kilowatt-hour For Certain Taxable Years; Limiting The Period For Which A Taxpayer May Claim The Renewable Energy Production Tax Credit To Ten Years; Making Geothermal Energy A Qualified Energy Source.

Add to My Bills

MILD SB 104
RENEWABLE ENERGY TAX CREDIT ELIGIBILITY

Legislative URL:

SB 104 on nmlegis.gov

Emergency Clause:

No

Germane:

Yes

Location:

SCORC

Action:

SPREF [1] SCC/SCONC/SCORC/SFC-SCC [3]germane-SCONC [4] DP-SCORC API.

Issue(s):

Energy

Companion Bills

Bills:

RENEWABLE ENERGY TAX CREDIT ELIGIBILITY

Related Legislators

Bill Sponsor:

Clemente Sanchez

Related Documents

Downloads:

Introduced
SCC Committee Report
SCONC Committee Report
Fiscal Impact Report

Summary

This bill 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 total amount of electricity that may be produced by qualified energy generators from 2.5 million megawatt hours up to 3.5 million megawatt hours. It limits the period for which a taxpayer may claim the renewable energy production tax credit to 10 years. And it extends to January 1, 2022 the date by which a qualified energy generator must first produce electricity to qualify for the renewable energy production tax credit.

This amendments made by this bill may have the positive effect of encouraging an increase in the production of renewable energy.