This bill amends the definition of "advanced energy product" within the context of the Advanced Energy Equipment Income Tax Credit and the Advanced Energy Equipment Corporate Income Tax Credit in New Mexico. It establishes that taxpayers who make qualified expenditures for a qualified manufacturing facility located in New Mexico can claim a tax credit equal to the lesser of 20% of their qualified expenditures or $25 million, for taxable years beginning on or after January 1, 2025, and prior to January 1, 2033. The bill outlines the process for obtaining preliminary and final certification of eligibility for the tax credit, including the requirement for taxpayers to apply through the energy, minerals, and natural resources department.

Additionally, the bill specifies that the total annual aggregate amount of tax credits that can be certified in a calendar year is capped at $25 million. It includes provisions for the transfer of tax credit certificates, stipulates that taxpayers must report on the continued operations of their manufacturing facilities, and details the consequences if a taxpayer ceases operations. The definition of "advanced energy product" is expanded to include various components related to solar, wind, battery technologies, fusion machines, critical minerals, and inverters, ensuring a comprehensive approach to promoting advanced energy manufacturing in the state.

Statutes affected:
introduced version: 7-2-18.39, 7-2A-19.3
Final Version: 7-2-18.39, 7-2A-19.3