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HB 026: SOLAR MARKET DEVELOPMENT TAX CREDIT CHANGES

An Act Relating To Taxation; Extending The Solar Market Development Tax Credit; Incrementally Reducing The Amount Of The Credit; Combining The Solar Thermal Systems And Photovoltaic Systems Aggregate Caps Into One Aggregate Cap.

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MOD HB 026
SOLAR MARKET DEVELOPMENT TAX CREDIT CHANGES

Legislative URL:
HB 026 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
HWMC
Action:
HPREF [1] HEENC/HWMC-HEENC [2] DP-HWMC API.
Issue(s):

Companion Bills

Bills:
SOLAR MARKET DEVELOPMENT TAX CREDIT CHANGES

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HEENC Committee Report
Fiscal Impact Report
Summary

The Solar Market Development Tax Credit allows a tax credit of up to ten percent of the purchase and installation cost of a solar thermal system or a photovoltaic system, but currently applies only to solar systems installed prior to December 31, 2016.

This bill extends the Solar Market Development Tax Credit at ten percent for systems installed prior to January 1, 2019, followed by a gradual reduction in the credit to five percent for systems installed in 2024. The credit’s new sunset date is January 1, 2025.

The bill also combines maximum annual aggregate credits of $2,000,000 for solar thermal systems and
$3,000,000 for photovoltaic systems into a single $5,000,000 maximum annual aggregate for all solar market development tax credits.

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.