MILD
SB 284
VALUATION OF RENEWABLE ENERGY EQUIPMENT
- Legislative URL:
- SB 284 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- Vetoed
- Action:
- [3] SCONC/SCORC/SFC-SCONC [12] DP-SCORC [18] DP/a-SFC [24] DP/a - PASSED/S (40-0) [36] HENRC/HTRC-HENRC [39] DP-HTRC [50] DP [51] PASSED/H (62-0) POCKET VETO.
- Issue(s):
- Energy
Companion Bills
Related Legislators
- Bill Sponsor:
- Carroll Leavell
Related Documents
- Downloads:
-
Introduced
SCONC Committee Report
SCORC Committee Report
SFC Committee Report
Final Senate Vote
HENRC Committee Report
HTRC Committee Report
Final House Vote
Fiscal Impact Report
LESC Analysis
Final Version
Summary
Under Senate Bill 284, “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 House Bill 330.
Date of Summary: 1/25/2013