New Mexico legislation · 2026 Regular Session
New Mexico HB62: RENAME & CREATE GEOTHERMAL TAX CREDITS
Status: Introduced, January 27, 2026
What the bill says
An act relating to taxation; renaming the geothermal electricity generation income and corporate income tax credits to the geothermal energy production income and corporate income tax credits; creating a tax credit schedule based on the amount per kilowatt-hour of geothermal energy produced for credits.
From the introduced text, January 9, 2026:
AN ACT RELATING TO TAXATION; RENAMING THE GEOTHERMAL ELECTRICITY GENERATION INCOME AND CORPORATE INCOME TAX CREDITS TO THE GEOTHERMAL ENERGY PRODUCTION INCOME AND CORPORATE INCOME TAX CREDITS; CREATING A TAX CREDIT SCHEDULE BASED ON THE AMOUNT PER KILOWATT-HOUR OF GEOTHERMAL ENERGY PRODUCED FOR CREDITS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-2-18.38 NMSA 1978 (being Laws 2024, Chapter 67, Section 33, as amended) is amended to read: "7-2-18.38. GEOTHERMAL [ELECTRICITY GENERATION] ENERGY PRODUCTION INCOME TAX CREDIT.-- A. For taxable years ending prior to January 1, [2032] 2036, a taxpayer who is not a dependent of another individual and who holds an interest in a geothermal [electricity generation] energy production facility may apply .232416.4 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ for, and the department may allow, a credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act. The tax credit provided by this section may be referred to as the "geothermal [electricity generation] energy production income tax credit". [B. The amount of a tax credit allowed pursuant to this section shall be an amount equal to one and one-half cents ($0.015) per kilowatt-hour of electricity generated in New Mexico in a taxable year by the geothermal electricity generation facility in which the taxpayer holds an interest.] B. The …
Sponsors
- Patricia Roybal Caballero (D, HD-013) · primary sponsor
- Pat Woods (R, SD-007)
- Mark B. Murphy (R, HD-059)
- Joanne Ferrary (D, HD-037)
- Heather Berghmans (D, SD-015)
- Joseph Franklin Hernandez (D, HD-004)
- Sarah Silva (D, HD-053)
Latest actions
- : HENRC: Reported by committee with Do Pass recommendation
- : Sent to HENRC - Referrals: HENRC/HTRC
- : Action Postponed Indefinitely
- : Sent to HPREF - Referrals: HPREF
Subjects: ENERGY & NATURAL RESOURCES, TAXATION, INCOME
Common questions
- What is HB62?
- HB62 is a bill in the New Mexico Legislature (2026 Regular Session): RENAME & CREATE GEOTHERMAL TAX CREDITS.
- What does HB62 do?
- In its own words: An act relating to taxation; renaming the geothermal electricity generation income and corporate income tax credits to the geothermal energy production income and corporate income tax credits; creating a tax credit schedule based on the amount per kilowatt-hour of geothermal energy produced for credits.
- What is the status of HB62?
- Introduced as of January 27, 2026. Latest action: HENRC: Reported by committee with Do Pass recommendation (January 27, 2026).
- Who sponsored HB62?
- Patricia Roybal Caballero (D, HD-013), with 6 co-sponsors.
- Where is the official record for HB62?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=62&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.