Sat Mar 8 5:17PM - 13 days, 17 hours left in session
| Sponsors | ||
|---|---|---|
| Rep. Rod Montoya | 1 | San Juan |
| Rep. Jonathan A. Henry | 54 | Eddy, Chaves & Otero |
| Status | |||
|---|---|---|---|
| HCPAC | [Referred, not scheduled] | ||
| HTRC | |||
This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.
Actions: [8] HCPAC/HTRC-HCPAC
| Legis Day | Action | Details |
|---|---|---|
| 8 | referred | HCPAC/HTRC |
| 8 | sent | HCPAC |
This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.
| Feb 20 | filed: [Prefiled by Rod Montoya et al; not yet on nmlegis] |
| [new] | |
| sent to HCPAC | |
| title: '[prefiled by Rod Montoya Et Al; Not Yet on Nmlegis]' -> 'Gas & Electric Bill Income Tax Credit' | |
| actions: 'HPREF' -> '[8] HCPAC/HTRC-HCPAC' | |
| new sponsor: Rod Montoya | |
| new sponsor: Jonathan A. Henry |
HOUSE BILL 545
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
Rod Montoya and Jonathan A. Henry
AN ACT
RELATING TO TAXATION; CREATING THE GAS AND ELECTRIC BILL INCOME TAX CREDIT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Income Tax Act is enacted to read:
"[NEW MATERIAL] CREDIT--GAS AND ELECTRIC BILL INCOME TAX CREDIT.--
A. A taxpayer who is a resident, who is not a dependent of another individual and who is billed by a public utility or rural electric cooperative for natural gas or electric services provided to the taxpayer's primary place of residence may claim a credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act. The credit authorized pursuant to this section may be referred to as the "gas and electric bill income tax credit".
B. The amount of the tax credit shall be in an amount equal to fifty percent of the amount billed to the taxpayer for natural gas or electric services provided to the taxpayer's primary place of residence during the taxable year in which the taxpayer claims the credit.
C. A taxpayer shall apply for certification of eligibility for the tax credit from the public regulation commission on forms and in the manner prescribed by the commission. Except as provided in Subsection E of this section, only one tax credit shall be certified per taxpayer per taxable year. If the commission determines that the taxpayer meets the requirements of this section, the commission shall issue a dated certificate of eligibility to the taxpayer providing the amount of tax credit for which the taxpayer is eligible and the taxable years in which the credit may be claimed. The commission shall provide the department with the certificates of eligibility issued pursuant to this subsection in an electronic format at regularly agreed upon intervals.
D. That portion of the tax credit that exceeds a taxpayer's income tax liability in the taxable year in which the credit is claimed shall be refunded to the taxpayer.
E. Married individuals filing separate returns for a taxable year for which they could have filed a joint return may each claim only one-half of the tax credit that would have been claimed on a joint return.
F. A taxpayer allowed to claim a tax credit pursuant to this section shall claim the tax credit in a manner required by the department. The credit shall be claimed within one taxable year of the end of the year in which the public regulation commission certifies the credit.
G. The credit provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the total annual aggregate cost of the credit.
H. As used in this section:
(1) "public utility" means "public utility" pursuant to the Public Utility Act; and
(2) "rural electric cooperative" means a corporation organized pursuant to the Rural Electric Cooperative Act."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2025.
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