Bill > HB193

This bill makes the solar market development income tax credit permanent, combines the existing solar market systems and photovoltaic systems aggregate caps into one aggregate cap of $5 million per year, and creates a new solar market development corporate income tax credit. The bill allows individuals and corporations to claim a credit of up to 15% or 10% (depending on the taxpayer's income level) of the purchase and installation costs of a solar thermal or photovoltaic system, with a maximum credit of $9,000 for individuals and $50,000 for corporations. The bill also requires the Energy, Minerals and Natural Resources Department to adopt rules to certify the eligibility of solar systems for the tax credits, and limits the total aggregate amount of credits that can be issued each year.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=193&year=17