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HB 62

RENAME & CREATE GEOTHERMAL TAX CREDITS

2026 Regular Session Introduced by Heather Berghmans and 4 co-sponsors

New Mexico bill creates and renames geothermal tax credits to incentivize clean energy development, potentially reducing state revenue while attracting investment.

action postponed indefinitely
#energy&naturalresources #taxation #income
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Bill Summary · HB 62

Legislative bill overview

HB 62 restructures New Mexico's geothermal energy tax incentives by renaming existing credits and creating new ones to encourage geothermal development. The bill modifies the state's tax code to provide enhanced financial incentives for geothermal energy projects, positioning the state to capitalize on its geothermal resources.

Why is this important

Geothermal energy offers New Mexico a renewable energy source with minimal land use and consistent baseload power generation. Tax credits are a key policy tool states use to attract clean energy investment and reduce dependence on fossil fuels, while also potentially creating jobs in the energy sector.

Potential points of contention

  • State revenue impact: Enhanced or expanded tax credits reduce immediate state tax revenue, requiring analysis of long-term economic benefits versus short-term fiscal costs
  • Market fairness: New geothermal credits may be viewed as preferential treatment compared to other renewable energy sources (solar, wind) or as necessary sector-specific support
  • Implementation details: The bill's actual credit amounts, eligibility requirements, and duration are not specified in this summary, making it unclear whether incentives are appropriately calibrated

Compiled from official sources — confirm details with the bill’s official record.

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