New Mexico Senate seeks income tax credit for rooftop solar
SANTA FE, N.M. (AP) — The New Mexico Senate has approved a tax credit that would offset costs of solar energy systems for households, small businesses and farms.
The Senate voted 35-6 on Monday for a bill that offsets income taxes to reward investments in small-scale rooftop solar investments.
The proposal now moves the House. Outgoing GOP Gov. Susana Martinez 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.
Republican Sen. Sander Rue of Albuquerque voted in favor but indicated the bill is unlikely to become law this year.