Bill > SB350

This bill extends the date to purchase and install a geothermal ground-coupled heat pump in order to receive the geothermal ground-coupled heat pump tax credit pursuant to the Income Tax Act and the Corporate Income and Franchise Tax Act. The bill extends the deadline to claim the tax credit from December 31, 2020 to December 31, 2025. The bill maintains the existing provisions of the tax credit, including a credit of up to 30% of the purchase and installation costs, with a maximum credit of $9,000 per taxpayer, and an annual aggregate cap of $2 million in credits. The tax credit is available to both individual and corporate taxpayers who install certified geothermal ground-coupled heat pumps in their residences, businesses, or agricultural enterprises.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=350&year=21