Bill > HB26

This bill modifies the Solar Market Development Tax Credit in New Mexico, which provides a tax credit for individuals and small businesses installing solar thermal systems (for heating) or photovoltaic systems (for electricity) on their property. Previously, the credit was up to ten percent of installation costs, capped at $9,000 per system, and expired for installations after December 31, 2016. This bill extends the credit and gradually reduces the percentage of eligible costs over time, starting at ten percent for installations before January 1, 2019, and decreasing by one percent each year until it reaches five percent for installations before January 1, 2025. The bill also increases the total annual aggregate amount of tax credits available for photovoltaic systems from $3 million to $5 million, while removing the separate aggregate limit for solar thermal systems. The credit can be carried forward for up to ten years if not fully used in a given year.