RENAME & CREATE GEOTHERMAL TAX CREDITS

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.