Bill > HB262

This bill creates the Energy Storage System Income Tax Credit in New Mexico. It allows taxpayers to claim a tax credit of up to 40% of the total cost of purchasing and installing an energy storage system on their residential, business, or agricultural property, up to a maximum credit of $5,000. The credit is available for taxable years prior to January 1, 2024, and the system must be installed in conjunction with a new or existing photovoltaic system, have at least 2 hours of storage capacity, and be certified by the Energy, Minerals and Natural Resources Department. The bill sets a maximum annual aggregate of $1 million in credits, and allows taxpayers to carry forward any excess credit for up to 5 years. It also requires the Taxation and Revenue Department and the Energy, Minerals and Natural Resources Department to provide annual reports on the tax credit.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=262&year=21