NM SB113

Doubles the agricultural biomass income tax credit from $5.00 to $10.00 per wet ton of agricultural biomass transported from dairies or feedlots to facilities that generate electricity or produce biocrude/fuel

Doubles the agricultural biomass corporate income tax credit from $5.00 to $10.00 per wet ton under the same conditions

Aggregate cap of $5 million per calendar year for combined individual and corporate agricultural biomass tax credits remains unchanged

Credits available for taxable years ending prior to January 1, 2030, with unused credits eligible for carryforward up to three consecutive years

Applies to taxable years beginning on or after January 1, 2026