New Mexico Lawmaker Proposes Bill for Geothermal Energy Development
A New Mexico lawmaker has introduced a bill to incentivize geothermal energy development by offering up to $55 million in annual tax credits, focusing on the state's geological advantages. The proposal allocates at least 20% of these credits to tribal and local communities to enhance energy sovereignty and job creation, and it has garnered bipartisan support. New Mexico, home to the deepest geothermal well in the U.S., aims to align with federal geothermal expansion priorities through this initiative.
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A New Mexico lawmaker proposed a bill to attract geothermal energy companies by offering up to $55 million in tax credits annually. This initiative aims to leverage the state's unique geological features, such as the Jemez Lineament and the Rio Grande Rift, to develop geothermal power.
The bill reserves at least 20% of tax credits for tribal and local communities, promoting energy sovereignty and local job creation. The proposal aligns with federal priorities for geothermal expansion and has bipartisan support. New Mexico hosts the deepest geothermal well in the U.S., currently used for research.
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