Bill > SB301

This bill creates the Energy Storage System Income Tax Credit in New Mexico. The key provisions are: - Taxpayers who purchase and install an energy storage system on their residential property can claim a tax credit for up to 40% of the total cost, up to a maximum of $5,000. The system must be certified by the Energy, Minerals and Natural Resources Department and meet certain requirements, such as having a minimum of 2 hours of storage capacity and being installed to be used as a shared resource with a utility. - The Department of Taxation and Revenue (TRD) is required to allow a maximum annual aggregate of $1 million in tax credits, and completed applications will be considered in the order received. If the annual limit is reached, TRD will notify the Energy, Minerals and Natural Resources Department that no other systems will be eligible for the credit that fiscal year. - TRD and the Energy, Minerals and Natural Resources Department must provide annual reports on the tax credit program. The bill applies to taxable years beginning on or after January 1, 2022.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=301&year=21