Bill > SB55

This bill amends existing law to increase the New Solar Market Development Income Tax Credit, which is designed to encourage the installation of solar thermal systems (used for heating) and photovoltaic systems (used for electricity) in New Mexico. Specifically, the bill raises the credit amount from thirty percent to thirty percent of the purchase and installation costs, with a maximum credit of $15,000 per taxpayer per year, up from $6,000. It also increases the annual aggregate amount of credits that can be certified by the energy, minerals and natural resources department to $30 million. The bill also clarifies that applications for certification will be considered in the order received and that the credit is applicable to taxable years beginning on or after January 1, 2026.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=55&year=26