HB 070: 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 HB 070
EXTEND SOLAR MARKET DEVELOPMENT TAX CREDIT

Legislative URL:

HB 070 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

HWMC

Action:

HPREF [3] HEENC/HWMC-HEENC [4] DP-HWMC API.

Hearing:

Wednesday, February 11, 2015 - 1:30 p.m. - Room 317

Issue(s):

Energy

Related Legislators

Bill Sponsor:

Sheryl Williams Stapleton

Related Documents

Downloads:

Introduced
HEENC Committee Report
Fiscal Impact Report

Summary

This bill would amend a section of the Income Tax Act to extend the Solar Market Development Tax Credit through 2020.

The Solar Market Development Tax Credit allows a taxpayer who purchases and installs a solar
thermal system or a photovoltaic system in a New Mexico residence, business or agricultural enterprise that is owned by that taxpayer to apply for an income tax credit of up to 10 percent of the purchase and installation costs of the system to a maximum of $9,000. The credit is currently scheduled to expire at the end of 2016.

A benefit of this bill might be further encouragement of installation of solar thermal and photovoltaic systems with corresponding decreases in residential and business dependence on non-renewable energy.