NM SB163

Renames the "geothermal electricity generation" income and corporate income tax credits to "geothermal energy production" tax credits, expanding eligibility to include thermal energy delivery in addition to electricity generation

Extends the tax credit program expiration date from January 1, 2032 to January 1, 2036

Replaces the flat $0.015/kWh credit rate with a 10-year graduated schedule ranging from $0.015/kWh in year one up to $0.04/kWh in year six, then declining back to $0.02/kWh in year ten

Increases the annual aggregate credit cap from $5 million to $55 million, with $11 million reserved specifically for tribal businesses and small businesses (50 or fewer employees)

Allows certificates of eligibility to be sold, exchanged, or transferred to other taxpayers, with 10-day notification required to the department