New Mexico Senate Passed State Tax Credit for Solar
About Solar Tax Credits
In 2016 the New Mexico tax credit for residential solar installation expired. The prior tax credit was a 10% income tax credit up to $9,000 for qualifying PV systems installed on residential homes, small businesses and agriculture enterprises.
Tax Credit Passed Through the Senate
The New Mexico Senate voted 35-6 on Monday, Feb. 12th for a bill would that would reinstate the tax credits that expired in 2016 with a cap for annual credits at $5 million. The new credit would gradually decline from 10% of costs to 6% over a 15-year period. The bill will now be moved to the House, and will hopefully be passed before the session ends on Thursday. If passed through the house, it will move to Gov. Susana Martinez’s desk for approval.
The Benefit of the New Mexico Tax Credit
This bill would benefit households, small businesses, and farms. As always, we hope New Mexico can become an example of sustainable living for the rest of the country. If New Mexico reinstates the state income tax credit, jobs will be created, we will be closer to our goals for the Paris climate agreement, and we can guarantee a beautiful state for future generations.
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