Bill > HB73

This bill creates the Energy Storage System Income Tax Credit in New Mexico. It allows taxpayers who purchase and install an eligible energy storage system on their residential, commercial, industrial, or agricultural property between March 1, 2024, and January 1, 2029, to claim a tax credit of up to 40% of the purchase and installation costs, with a maximum credit of $5,000 for residential systems and $150,000 for commercial, industrial, or agricultural systems. The energy, minerals and natural resources department must certify the system's eligibility, and the total annual amount of credits that can be certified is capped at $4 million. The credit can be claimed on state income tax returns, and any unused portion can be refunded to the taxpayer.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=73&year=24