Environment

HB 309 amends New Mexico's property tax code to explicitly include energy storage systems in the special valuation method for electric utilities. It defines "storage" as technology that converts, stores, and returns electricity to balance supply and demand, ensuring these systems are treated like generation and transmission assets for tax purposes. This directly affects utility companies owning energy storage equipment, requiring them to be valued under the same tax rules. The bill changes how such property is assessed but does not alter tax rates or create new financial obligations. The update applies to property tax years beginning January 1, 2027.