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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.