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.

HB 153 establishes a state rebate program to incentivize the use of low-carbon construction materials, such as cement, steel, and glass, in eligible projects (over one residential unit or 5,000 square feet of nonresidential space). Material buyers (e.g., developers or contractors) can receive rebates for purchasing materials meeting emissions benchmarks set by the Department of Environment - 15% below industry-average greenhouse gas emissions - verified through independently assessed environmental product declarations. Rebates are capped at $500,000 per project and $10 million statewide annually, with priority given to projects achieving the greatest emissions reductions and using New Mexico-made materials. The program requires annual reporting on emissions reductions and includes strict antifraud measures, including penalties for false claims.