NM HB153

Establishes a rebate program through the Department of Environment for buyers of low-carbon construction materials (cement, concrete, asphalt, steel, glass, aluminum, etc.), with a maximum rebate of $500,000 per project and $10 million statewide per fiscal year

Creates the Environmental Product Declaration Program to assist manufacturers in creating verified environmental product declarations that assess a product's global warming potential and carbon intensity

Establishes the Industrial Carbon Reduction Act, providing production incentives of $85 per metric ton of carbon dioxide reduced below industry benchmarks for eligible industrial products including concrete, steel, hydrogen, ammonia, and critical minerals

Sets an eligibility threshold requiring facilities to achieve carbon intensity at least 40% below industry benchmarks to qualify for incentives, with certifications of eligibility issued through December 31, 2036 for terms of up to 10 years

Creates a carbon reduction investment grant program offering grants of 10% of qualified capital expenditures (up to $5 million) for new or renovated industrial facilities that meet carbon reduction thresholds, with rules to be promulgated by January 1, 2027 and an effective date of July 1, 2026