This bill amends Section 7-36-29 of the New Mexico Statutes to expand the special method of valuation for property used in the electric power sector. Specifically, it adds "storage" to the list of activities for which property can be valued, alongside generation, transmission, and distribution of electric power or energy. The bill defines "storage" as energy storage technology that converts, stores, and returns electricity to manage supply and demand disparities. Additionally, it clarifies the definition of "electric plant" to include property used for storage, while excluding certain types of property such as land and licensed vehicles.

The bill also introduces a new definition for "tangible property cost" and modifies existing definitions to ensure clarity in the valuation process. It stipulates that the value of construction work in progress and materials and supplies will be determined based on specific criteria. The provisions of this act will take effect for property tax years beginning on or after January 1, 2027, ensuring that the new valuation methods are implemented in a timely manner.

Statutes affected:
introduced version: 7-36-29