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SB 391: EXTEND SOLAR MARKET DEVELOPMENT TAX CREDIT

An Act Relating To Taxation; Amending A Section Of The Income Tax Act To Extend The Solar Market Development Tax Credit Through 2020.

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MILD SB 391
EXTEND SOLAR MARKET DEVELOPMENT TAX CREDIT

Legislative URL:
SB 391 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
Vetoed
Action:
[4] SCONC/SCORC/SFC-SCONC [5] DP-SCORC [15] w/o rec-SFC [27] w/drn [30] PASSED/S (37-5) [33] HEENC/HWMC-HEENC [36] w/drn-HWMC [44] DP/a [46] PASSED/H (39-24) [48] s/cncrd POCKET VETO.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCONC Committee Report
SCORC Committee Report
Final Senate Vote
HWMC Committee Report
Final House Vote
Fiscal Impact Report
Final Version
Summary

This bill amends the Income Tax Act to change the sunset date of the Solar Market Development Tax Credit from December 31, 2016 to December 31, 2020.

 

A possible benefit of this bill might be a continuing incentive for the purchase and installation of solar

thermal and photovoltaic systems in New Mexico homes, businesses and agricultural enterprises.

 

The HWMC amendment of March 19, 2015 effectively extends the credit through the end of 2024 at annually declining percentages of the purchase and installation costs of the system. The percentage starts at 10% and decreases to 5% in the last year of the credit.