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Read. Follow. Verify.New Mexico HB 62 restructures and expands geothermal energy tax credits for electricity and thermal production
Last action · January 27, 2026: HENRC: Reported by committee with Do Pass recommendationSponsors: Heather Berghmans and 6 others
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What This Bill Proposed
House Bill 62 renames existing geothermal electricity tax credits to geothermal energy production tax credits, expands eligibility to include thermal energy alongside electricity, and establishes a sliding-scale credit schedule ranging from 1.5 to 4 cents per kilowatt-hour. The measure also extends the credit program's sunset date through 2035, raises the annual aggregate cap to $55 million, and reserves $11 million for tribal and es.
Taxpayers investing in geothermal facilities gain access to a larger annual statewide cap and a ten-year sliding credit scale instead of a flat rate, with specific carve-outs for businesses employing 50 or fewer workers and tribal-owned enterprises.
Who It Would Have Affected
Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.
taxpayers holding an interest in a geothermal energy production facility
Taxpayers are eligible to apply for modified income and corporate tax credits based on a ten-year sliding scale per kilowatt-hour of geothermal energy produced.
small businesses
Small businesses employing 50 or fewer full-time workers in New Mexico benefit from an $11 million dedicated carve-out within the annual $55 million credit cap.
tribal businesses
Businesses owned and operated by an Indian nation, tribe, pueblo, or member have access to an $11 million reserved allocation within the annual credit cap.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
What types of energy qualify for the revised tax credit?
Can geothermal tax credit certificates be transferred to other taxpayers?
What is the maximum annual cap for these tax credits?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
This bill did not become law - Died at adjournment · in House committee.
Procedural history
2 actions- Jan 27, 2026HouseHENRC: Reported by committee with Do Pass recommendation
- Jan 22, 2026HouseCommitteeSent to HENRC - Referrals: HENRC/HTRC
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Broadening from Electricity to Total Thermal Energy
The bill shifts the tax credit model from exclusively rewarding electricity generation to also incentivizing net thermal energy production, widening the commercial application of geothermal incentives.
Connected Entities
Sources
www.nmlegis.gov
Analysis Score
0–100- Significance20Lowered because this bill did not pass (its text scored 75)
- Controversy15Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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