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):
- Energy
Companion Bills
Related Legislators
- Bill Sponsor:
- Sarah Maestas Barnes Mimi Stewart
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.