New Mexico House OKs income tax credit for rooftop solar
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.