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NM SB7
Bill
Status
Engrossed
2/27/2015
Primary Sponsor
Carlos Cisneros
Click for details
AI Summary
- Creates a corporate income tax credit for taxpayers who hold title to a qualified hydrogen fuel or hydrogen resource generator that produces and sells hydrogen, claimable for taxable years beginning on or after January 1, 2015 and prior to January 1, 2021
- Credit equals the cost of generating hydrogen, capped at $1.00 per kilogram for the first 4 million kilograms produced and sold per taxable year, with a maximum annual aggregate cap of $4,000,000 across all taxpayers
- Qualified generators must use renewably powered thermolysis or electrolysis derived from solar light, solar heat, plasma, wind, hydroelectric, or geothermal sources, and must obtain a certificate of eligibility from the Energy, Minerals and Natural Resources Department
- Credit cannot be claimed in addition to the renewable energy production tax credit, and unused credits may be carried forward for up to five consecutive taxable years
- Requires the department to submit an annual report by October 30 to the Revenue Stabilization and Tax Policy Committee detailing credit usage, jobs created, production levels, and wages, with a more detailed effectiveness analysis every three years beginning in 2017
Legislative Description
Hydrogen fuel production tax credit
Last Action
[LD 36] Action postponed indefinitely
3/10/2015
Committee Referrals
Ways and Means3/10/2015
Energy, Environment & Natural Resources3/4/2015
Finance1/26/2015
Conservation1/22/2015
Corporations & Transportation1/20/2015
Full Bill Text
No bill text available