summary
Introduced
01/17/2017
01/17/2017
In Committee
02/09/2017
02/09/2017
Crossed Over
01/26/2017
01/26/2017
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; EXTENDING THE SOLAR MARKET DEVELOPMENT TAX CREDIT; INCREMENTALLY REDUCING THE AMOUNT OF THE CREDIT; COMBINING THE SOLAR THERMAL SYSTEMS AND PHOTOVOLTAIC SYSTEMS AGGREGATE CAPS INTO ONE AGGREGATE CAP.
AI Summary
This bill extends the Solar Market Development Tax Credit in New Mexico, which allows taxpayers who install solar thermal or photovoltaic systems in their residences, businesses, or agricultural enterprises to receive a tax credit. The bill incrementally reduces the amount of the tax credit over time, starting at 10% of the purchase and installation costs for systems installed before 2019 and decreasing to 5% for systems installed after 2024. The bill also combines the separate caps for solar thermal and photovoltaic systems into a single $5 million annual aggregate cap.
Committee Categories
Budget and Finance, Labor and Employment, Transportation and Infrastructure
Sponsors (3)
Last Action
[LD 24] Referred to Senate Corporations & Transportation (on 02/09/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=61&year=17 |
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=61&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/house/HB0061.pdf |
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