HB 295 New Mexico House · 2025 Regular Session

TAX ON PROPERTY OWNED BY NM RETA

HB 295 exempts specific renewable energy infrastructure owned or leased by the New Mexico Renewable Energy Authority (RETA) from property taxes. It applies to electric transmission lines, interconnected storage facilities, and related infrastructure acquired by RETA under its enabling law. This exemption directly affects RETA (as the property owner) and nonexempt entities leasing these facilities for renewable energy projects. The policy change takes effect for property taxes in 2026 and later, removing a tax burden on qualifying renewable energy infrastructure. The bill does not alter general property tax rules for other properties or entities.

Bill status signed all 5 stages cleared

Introduction

Feb 2025

Committee Review

Mar 2025

House Passage

Mar 2025

Senate Passage

Mar 2025

Signed into Law

Apr 2025

Introduced Feb 5, 2025 Signed Apr 9, 2025

Maddy AI version diff · 1 comparison

What changed between versions

introduced version → Final Version · 5 edits

MODERATE

This bill amends New Mexico's property tax code to clarify how fractional property interests are taxed when owned by non-exempt entities on land owned by exempt entities like the New Mexico Renewable Energy Authority. The changes add specific definitions for exempt and non-exempt entities and property, establish reporting requirements for fractional interests, and create exemptions for certain renewable energy transmission facilities.

Scope change

The bill expands the scope of property tax exemptions to include specific renewable energy transmission facilities and clarifies the treatment of fractional interests in exempt property.

DEFINITION

Added new definitions for 'exempt entity', 'exempt property', 'nonexempt entity', 'nonexempt property', and 'improvements' to clarify tax treatment of different property types.

ELIGIBILITY

Added exemptions for electric transmission and interconnected storage facilities acquired by the New Mexico Renewable Energy Transmission Authority that qualify as eligible facilities.

Modified the tax treatment of improvements on exempt entity land when owned or leased by nonexempt entities, making them subject to property taxation.

REQUIREMENT

Added reporting requirements for fractional interest owners to notify valuation authorities when fractional interests are created or claimed as exempt property.

TIMELINE

Added applicability provision stating the new provisions apply to the 2026 and subsequent property tax years.

Floor votes · Senate Mar 20, 2025 · House Mar 11, 2025

How they voted

20–18

Passed · 2 other

Total votes 40

Mar 20, 2025

D Democratic24

20 Yea 3 Nay 1

83% Yea

R Republican16

15 Nay 1

93% Nay

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 9, 2025

Signed into law

Signed

executive

Mar 20, 2025

Upper · Passed

passed Senate

upper

Mar 20, 2025

Upper · Passed

DO PASS committee report adopted

upper

Mar 18, 2025

Upper · Passed

DO PASS committee report adopted

upper

Mar 12, 2025

Introduced

Sent to Senate Conservation Committee & Senate Tax, Business and Transportation Committee

upper

Mar 11, 2025

Lower · Passed

passed House

lower

Mar 10, 2025

Lower · Passed

DO PASS committee report adopted

lower

Feb 15, 2025

Lower · Passed

DO PASS committee report adopted

lower

Feb 5, 2025

Introduced

Sent to House Energy, Environment and Natural Resources Committee & House Taxation & Revenue Committee

lower

2 primary · 0 co-sponsors