Bill > HB213

This bill creates two new tax credits to incentivize solar panel installations on public school and post-secondary educational institution properties in New Mexico. The School Solar Income Tax Credit and School Solar Corporate Income Tax Credit both offer a 40% tax credit for installing photovoltaic systems, which can be calculated based on either the total installation costs or the system's appraised value. To qualify, taxpayers must apply to the Energy, Minerals and Natural Resources Department, providing detailed documentation about the solar system's installation, technical specifications, and compliance with safety standards. The total aggregate amount of credits is capped at $300 million, with a maximum of $100 million per calendar year before 2028. These credits are available for taxable years before January 1, 2037, and can be fully refunded if they exceed the taxpayer's tax liability. Uniquely, the credits can be sold or transferred to other taxpayers, allowing more flexibility in how the financial benefit is realized. The bill defines key terms like "photovoltaic system" and "public school property" and applies to taxable years starting on or after January 1, 2025, with the goal of encouraging solar energy development on educational institution properties.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=213&year=25