2022 HB 4 Hydrogen Hub Development Act

CVNM Position:

Oppose

Year:

2022

Sponsors:

Harry Garcia
Patricia A. Lundstrom
Javier Martínez
Nathan P. Small

Topics:

Air Quality
Energy & Climate Change

Legislative Info:

HB 4 on nmlegis.gov »

Description

HB 4 allows public-private partnerships (PPP) to establish hydrogen hubs; outlines criteria for hydrogen hubs; outlines process for establishing PPP; creates a hydrogen hub development board and outlines duties; outlines approval process for hydrogen hub projects; tasks the New Mexico Finance Authority with administration and oversight; creates a hydrogen hub project fund; authorizes fund to award up to $250K grants; establishes revenue bonding authority; established refunding bond authority; creates an annual reporting requirement; creates (individual and corporate) hydrogen production and energy generation tax credits; allows for variable GRT deductions based on type of hydrogen produced; tasks the Dept. of the Environment with evaluation and analysis projects; calls for Environmental Improvement Board rules to be promulgated by July 1, 2024; enacts procurement code exemptions; amends the Rural Electric Cooperative and Renewable Energy Acts to include hydrogen projects; specifies methane as a responsibly sourced gas in hydrogen production.

Outcome

HB 4 was tabled and died in House Energy, Environment, and Natural Resources Committee.