Bill > HB34

This bill extends the New Solar Market Development Income Tax Credit, which allows taxpayers in New Mexico who purchase and install solar thermal or photovoltaic systems in their residences, businesses, or agricultural enterprises to claim a tax credit of up to 10% of the installation costs, up to $6,000 per year. The bill increases the annual aggregate cap for the credit from $8 million to $16 million and makes the credit refundable, meaning any portion of the credit that exceeds the taxpayer's liability will be refunded to them, rather than carried forward for up to 5 years. The provisions of the bill apply to tax years beginning on or after January 1, 2022.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=34&year=22