Representative George Dodge Jr. Introduces Renewable Energy Tax Credit Bill

Representative George Dodge Jr. Introduces Renewable Energy Tax Credit Bill

Bill Incentivizes Renewable Energy Production, Creating Jobs Throughout the State

SANTA FE – Representative George Dodge Jr. (D-Santa Rosa) introduced House Bill 175, Renewable Energy Tax Credit incentivizing the building and production of renewable energy generators. The bill specifically expands access to tax credits for citizens who own or operate a geothermal energy generator, permitting citizens who own and operate a power generator to receive a credit for every megawatt hour of energy produced from a renewable source of such as: solar, wind, geothermal or biomass.

“This bill is about real, long-term, high-paying jobs for the communities of Eastern New Mexico,” said Representative George Dodge Jr. (D-Santa Rosa).  “By creating incentives for the production and generation of renewable energy we are strengthening our job base for many years to come.”

 

The tax credit would be applicable to the taxable year beginning on or after January 1, 2015 until January 1, 2022 creating separate incentives for the different types of renewable energy projects, with the strongest incentives set for those projects that begin prior to January 1, 2017. The bill currently resides in the House Energy, Environment and Natural Resources committee.