New Mexico House OKs income tax credit for rooftop solar

February 15, 2018

Sen. John Arthur Smith speaks with top budget writers from the House and the Senate to determine last minute changes on the budget at the Capitol in in Santa Fe, N.M., Wednesday, Feb. 14, 2018. (Gabriela Campos/Santa Fe New Mexican via AP)

SANTA FE, N.M. (AP) — The New Mexico House has approved a tax credit that would offset costs of solar energy systems for households, small businesses and farms.

The House voted 40-26 on Wednesday for a bill that offsets income taxes to reward investments in small-scale rooftop solar investments.

The proposal now heads to the GOP Gov. Susana Martinez, who has indicated she is unlikely to support stand-alone tax measures.

Bill sponsor and Democratic state Sen. Mimi Stewart of Albuquerque says the bill reinstates tax credits that expired in 2016 and cap annual credits at $5 million. The new credit would gradually decline from 10 percent of costs to 6 percent over a 15-year period.

Rep. Jimmie Hall, an Albuquerque Republican, says it was a rich man’s tax credit.

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