Bill > SB391

This bill extends the solar market development tax credit, which allows taxpayers who install solar thermal or photovoltaic systems in their New Mexico residences, businesses, or agricultural enterprises to receive a credit on their state income tax. The credit percentage has been decreasing over time, with systems installed before January 1, 2019, receiving up to a ten percent credit, those installed between January 1, 2019, and January 1, 2021, receiving up to nine percent, and those installed between January 1, 2021, and January 1, 2022, receiving up to eight percent. This legislation aims to continue providing financial incentives for solar energy adoption in New Mexico.