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 types of 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 to a nonexempt entity.

The provisions of this act will take effect for the 2026 property tax year and beyond. The bill aims to encourage the development of renewable energy infrastructure in New Mexico by providing tax relief for improvements made by the New Mexico Renewable Energy Authority, thereby promoting investment in sustainable energy solutions.

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