summary
Introduced
01/18/2022
01/18/2022
In Committee
01/19/2022
01/19/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; EXTENDING THE NEW SOLAR MARKET DEVELOPMENT INCOME TAX CREDIT; INCREASING THE ANNUAL AGGREGATE CAP FOR THE CREDIT; MAKING THE CREDIT REFUNDABLE.
AI Summary
This bill extends the New Solar Market Development Income Tax Credit until 2032, increases the annual aggregate cap for the credit from $8 million to $16 million, and makes the credit refundable. The purpose of the tax credit is to encourage the installation of solar thermal and photovoltaic systems in residences, businesses, and agricultural enterprises in New Mexico. The bill also requires the Taxation and Revenue Department to compile an annual report on the tax credit and present it to the relevant legislative committees.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Succeeding entries: S 5 (on 02/11/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=44&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0044.pdf |
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