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SB 284: VALUATION OF RENEWABLE ENERGY EQUIPMENT

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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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):

Companion Bills

Bills:
RENEWABLE ENERGY EQUIPMENT VALUATION

Related Legislators

Bill Sponsor:

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