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New MexicoHB 2952025 Regular SessionHouseWALLET

TAX ON PROPERTY OWNED BY NM RETA

Sponsored By: Nathan P. Small (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Property tax break for qualifying power facilities

Starting with the 2026 property tax year, qualifying power transmission and connected storage improvements are exempt from New Mexico property tax. This includes related structures, supporting infrastructure, and lease rights in the improvements. The New Mexico Renewable Energy Transmission Authority must acquire the facilities, and they must qualify under its governing law. The authority must lease them to a taxable entity to build or operate them, or help the authority do so. The exemption lasts while the authority holds title. The law does not require tax savings to reach households.

Sponsors & Cosponsors

Sponsor

  • Nathan P. Small

    Democratic • House

Cosponsors

  • Cristina Parajón

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 60 • No: 45

Senate vote • 3/20/2025

Final Senate Vote

Yes: 22 • No: 18 • Other: 1

House vote • 3/11/2025

Final House Vote

Yes: 38 • No: 27

Actions Timeline

  1. Signed by Governor - Chapter 104 - Apr. 8

    4/8/2025Senate

  2. Passed in the Senate - Y:22 N:18

    3/20/2025Senate

  3. STBTC: Reported by committee with Do Pass recommendation

    3/20/2025Senate

  4. SCONC: Reported by committee with Do Pass recommendation

    3/18/2025Senate

  5. Sent to SCONC - Referrals: SCONC/STBTC

    3/12/2025Senate

  6. Passed in the House of Representatives - Y:38 N:27

    3/11/2025House

  7. HTRC: Reported by committee with Do Pass recommendation

    3/10/2025House

  8. HENRC: Reported by committee with Do Pass recommendation

    2/15/2025House

  9. Sent to HENRC - Referrals: HENRC/HTRC

    2/5/2025Senate

Bill Text

  • Final Version

    4/9/2025

    PDF

  • STBTC Committee Report   3/20/25

    3/20/2025

    PDF

  • SCONC Committee Report   3/18/25

    3/18/2025

    PDF

  • HTRC Committee Report   3/10/25

    3/10/2025

    PDF

  • HENRC Committee Report   2/15/25

    2/15/2025

    PDF

  • Introduced

    2/5/2025

    HTMLPDF

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