Rename Geothermal Tax Credits

This bill renames New Mexico's geothermal electricity generation tax credits to geothermal energy production tax credits. It extends the eligibility for these credits until 2036 and creates a new schedule for the credit amount, which increases over the first six years of a facility's operation and then gradually decreases. The total annual amount of these credits that can be certified increases from $5 million to $55 million, with $11 million reserved for tribal and small businesses.

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