SB 232 ENERGY STORAGE INDUSTRIAL REVENUE BONDS

Sen Peter Wirth

Actions: [4] SCC/STBTC/SFC-SCC-germane-STBTC

Scheduled: Not Scheduled

 Senate Bill 232 (SB 232) amends the Industrial Revenue Bond Act and the County Industrial Revenue Bond Act to include certain electric energy storage facilities as eligible projects. It requires the provision of payment-in-lieu-of-taxes payments to school districts if a municipality or county acquires energy storage facility projects. HB 143 provides a gross receipts tax deduction for sales of energy storage equipment to a government for the purpose of installing an energy storage facility. It adds sunset dates. 

 Senate Bill 232 (SB 232) adds a definition for an energy storage facility to Section 3-32-1 NMSA 1978 of the Industrial Revenue Bond Act. It includes energy storage project as an approved project under municipal powers listed in Section 3-32-6 NMSA 1978 as long as the municipality agrees to payment-in-lieu-of-taxes to school districts. 
SB 232 adds the same definition for energy storage project with the same payments-in-lieu of taxes provisions to school districts in Sections 4-59-2  and  4-59-4 NMSA 1978 respectively of the County Industrial Revenue Bond Act.
It provides a deduction from gross receipts for receipts from selling energy storage equipment or related equipment to a government for the purpose of installing an energy storage facility with a sunset clause of 1 July 2044 in Section 7-9-54.3 NMSA 1978. It defines energy storage system and amends the definition of related equipment to reflect this inclusion.
SB 232 would be effective 1 July 2024. 
 

 Energy storage facility projects are not approved projects under either the Industrial Revenue Bond Act or the County Industrial Revenue Bond Act.  

  SB 232 duplicates HB 143.