SB 79 would have allowed taxpayers to take up to a 10% tax credit for installing thermal or photovoltaic solar systems, for both residential and business installations. It established a $5 million aggregate cap for the amount of tax credits taken in a year, but did not separate out residential and business installations. It was simpler than HB 36, and would have accomplished the same goal of promoting the use of renewable energy.
SB 47 would have allowed a qualifying public utility to seek a financial order from the PRC allowing it to issue “energy redevelopment bonds” to offset the costs of abandoning a coal-fired energy generating facility and replacing it with other energy generating facilities, and established that the cost of those bonds may be passed through to the utilities’ customers. It would have allowed PNM to recoup 100% of the cost of the coal-fired San Juan Generating Station, would not have required them to replace its function with a facility using renewable energy, and would have allowed them to pass costs on to ratepayers. The measure also represented a significant end-run around the PRC, the body intended to regulate electric utilities. SB 47 was replaced by a Senate Conservation Committee sub. The sub included ambitious renewable energy targets, but continued to fall short on guarantees of ratepayer protection, PRC review, closure of the coal plant, and protection of free market competition in the renewable energy sector. HB 325, a dummy bill, was filed late in the session and attempted to address some of the issues addressed in SB 47. To read more about HB 325, visit our website at www.CVNM.org.
HJM 6 was a joint memorial that requested that the state’s $18 million Volkswagen settlement funds be used to acquire electric school buses, as diesel school bus emissions negatively affect the health of children and communities.
HB 87 would have allowed taxpayers to take up to a 10% tax credit for installing thermal or photovoltaic solar systems, for both residential and business installations. It established a $5 million aggregate cap for the amount of tax credits taken in a year, but did not separate out residential and business installations. It was simpler than HB 36, but would have accomplished the same goal of promoting the use of renewable energy.
HB 77 would have established a tax credit for consumers and for businesses who installed a storage system for electricity generated by renewable resources. The bill established a cap for the amount of the tax credit, the aggregate amount of tax credits per year, and would have expired at the end of 2024. This bill, if passed, would have incentivized the development of electricity storage technologies and helped to expand the use of renewable resources for energy production.
HB 220 would have allowed a deduction on the gross receipts tax on coal and lowered the severance tax on the extraction of coal until 2031. This would have propped up dirty energy profits without addressing the impending economic and employment impacts of coal plant closure, all at the expense of taxpayers.
These bills would have allowed the NM Departmemt of Agriculture to issue licenses to permit growing industrial hemp for research and development purposes. Industrial hemp is a versatile, fast growing and drought resistant crop that requires little pestiides or herbicides and would serve to diversify New Mexico farmers’ cash crops.
SB 360 would have required a competitive resource procurement process for electric utilities and required an independent evaluation of proposed purchases of power or sources of power. The bill would have made resource acquisition more transparent and potentially encouraged more purchases of renewable energy.
These bills would have given public utilities and generation and transmission cooperatives the first right to construct, own and maintain transmission facilities in a regional transmission organization. This bill was intended to counter a specific federal regulation designed to foster competition in the transmission market.
These bills would have reinstated and extended the tax credit for residential and commercial construction of solar systems. The bills provided for gradually phasing out of the tax credit over 8 years and established an aggregate cap. This tax credit has helped many New Mexicans invest in solar energy for their homes, businesses and farms, improving the environment and public health by reducing the demand for coal-fired electricity.