NM HB113

Imposes a 3.75% excise tax on electricity generated from renewable energy resources (solar, wind, hydropower, geothermal, biomass) in New Mexico, calculated on the monthly average wholesale value per megawatt-hour as established by the U.S. Energy Information Administration

Exempts electricity produced by federal, state, and local governments; Indian nations, tribes, or pueblos on sovereign territory; foreign nations when required by treaty; and personal consumption producers whose excess production does not exceed 500 kilowatt-hours in a 24-hour period

Directs all net tax receipts to the Severance Tax Permanent Fund, treating renewable energy production similarly to oil and gas extraction for revenue distribution purposes

Requires tax payments by the 25th day of the month following the month in which electricity is generated

Takes effect January 1, 2027, with the Taxation and Revenue Department administering the tax under the Tax Administration Act