Environment

HB 154 updates the definition of "advanced energy product" for New Mexico's existing tax credit programs. It specifies that qualifying products include solar components (like panels and cells), wind turbine parts, battery materials, fusion machine components, and critical minerals (such as lithium and cobalt). This definition determines eligibility for the Advanced Energy Equipment Income Tax Credit and Corporate Income Tax Credit, which provide tax relief for manufacturers investing in qualifying facilities within New Mexico. The bill directly affects businesses producing these specific energy technologies who seek to claim the tax credits.

SB 18 establishes legally binding statewide greenhouse gas emissions targets for New Mexico, requiring a 45% reduction from 2005 levels by 2030, 75% by 2040, and net zero emissions (100% reduction) by 2050. The bill mandates that the Environmental Improvement Board track and report emissions, allowing states to meet targets through direct reductions or carbon removal projects within New Mexico, including initiatives on tribal lands. It updates key definitions in environmental law to clarify terms like "greenhouse gas," "statewide emissions," and "carbon intensity" for consistent reporting and enforcement. These provisions directly affect state agencies, businesses, and industries contributing to emissions within New Mexico.