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Committee advances bill to boost state solar tax credit to 30%
Summary
The House committee advanced Senate Bill 55 to increase New Mexico's rooftop solar income tax credit from 10% to 30%, raise the per-project cap and extend a sunset to 2032; sponsors and installers said the change would stabilize jobs after the end of a federal credit, while fiscal questions were discussed.
Senator Stewart told the House Energy, Environment and Natural Resources Committee on Feb. 12 that Senate Bill 55 would raise New Mexico's solar market development income tax credit from 10% to 30%, increase the per-project cap from $6,000 to $15,000 and retain the statutory annual cap of $30 million while adding a sunset in 2032. "We have lost our federal tax credit for solar," Stewart said, framing the change as a state response.
Industry witnesses described immediate economic effects.…
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