HB 179: SEVERANCE FUND INVESTMENT IN RENEWABLE ENERGY

An Act Relating To The Investment Of Public Money; Providing For The Investment Of The Severance Tax Permanent Fund In New Mexico Renewable Energy.

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MOD HB 179
SEVERANCE FUND INVESTMENT IN RENEWABLE ENERGY

Legislative URL:

HB 179 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

HEENC

Action:

[3] HEENC/HWMC-HEENC API.

Issue(s):

Energy

Related Legislators

Bill Sponsor:

Sheryl Williams Stapleton

Related Documents

Downloads:

Introduced
Fiscal Impact Report

Summary

This bill enacts a new section of the Severance Tax Bonding Act to require that no less than one percent of the market value of the Severance Tax Permanent Fund must be invested in New Mexico renewable energy, subject to approval by the State Investment Council or the Private Equity Investment Advisory Committee.

“New Mexico renewable energy” is broadly defined to include:

• a business entity that has its principal office and a majority of its full-time employees in New Mexico or that employs more than 50 employees in New Mexico and that, as its primary business, manufactures, distributes, sells or installs equipment used in the generation, storage or transmission of renewable energy or in the more efficient use of energy;
• a renewable energy project located in New Mexico;
• bonds issued under the Renewable Energy Financing District Act;
• energy efficiency bonds issued under the Energy Efficiency and Renewable Energy Bonding Act;
• utility revenue bonds issued by a municipality or county for a facility, the primary purpose of which is the generation, storage or transmission of renewable energy;
• renewable energy transmission bonds issued under the New Mexico Renewable Energy Transmission Authority Act; or
• a New Mexico renewable energy private equity fund;

A possible benefit of this bill might be that it may encourage additional state investment in renewable energy.