This bill amends Section 7-36-4 of the New Mexico Statutes to exempt improvements made on land owned by the New Mexico Renewable Energy Authority from property tax, as long as the Authority retains title to the property. The bill defines "improvements" to include various structures and infrastructure related to renewable energy, while also clarifying that certain property interests and improvements are excluded from this exemption. Specifically, improvements owned or leased by nonexempt entities are subject to property taxation unless they are electric transmission and interconnected storage facilities leased by the Authority.

Additionally, the bill outlines the reporting requirements for fractional interests in property, specifying that nonexempt entities must report their interests for valuation purposes. The provisions of this act will take effect for the 2026 property tax year and beyond, ensuring that the tax exemption for improvements on land owned by the New Mexico Renewable Energy Authority is clearly established and applicable.

Statutes affected:
introduced version: 7-36-4
Final Version: 7-36-4