Bill > SB280

This bill establishes a new water harvesting income tax credit for individuals and businesses in New Mexico, allowing them to claim a credit of up to twenty percent of the purchase and installation costs for a certified water harvesting system, with a maximum credit of $5,000 per taxpayer. A water harvesting system is defined as one designed to collect and store rainwater or snowmelt from rooftops for future use. This credit, intended to encourage water conservation, is available for systems purchased and installed between January 1, 2015, and December 31, 2025, and is subject to an annual aggregate limit of $2 million in tax credits statewide, with applications processed on a first-come, first-served basis. The regulation and licensing department will establish certification procedures for these systems, and any unused portion of the credit can be carried forward for up to ten years. The bill also includes provisions for married individuals filing separately, business entities like partnerships, and requires the department to report annually on the credit's effectiveness.