Energy

HB 62 renames New Mexico's geothermal electricity generation tax credits to "geothermal energy production" credits and establishes a tiered credit system based on kilowatt-hour output. It provides tax credits ranging from $0.015 to $0.035 per kWh (increasing over the first five years then decreasing), capped at 200,000 megawatt-hours per facility annually. The bill limits total annual credits to $55 million, reserving $11 million for tribal and small businesses, and allows credit transfers between taxpayers. This directly affects geothermal energy producers in New Mexico who own facilities generating electricity from geothermal resources.

HB 250 changes the membership structure of New Mexico's Technology and Innovation Network Advisory Board. It removes representatives from the University of New Mexico Health Sciences Center, Navajo Technical University, and Central New Mexico Community College as core members, and reduces public members from 11 to nine. The nine public members must now have experience in investment or entrepreneurial support specifically within four target sectors: aerospace/space, biosciences, clean energy/water, and advanced computing. These changes streamline board representation without altering the board’s core duties of advising on strategic planning, industry engagement, and funding recommendations for the state’s technology division.