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New Mexico Governor Signs Legislation Creating State Solar Tax Credit

Tuesday, March 10, 2020 - 10:00AM

New Mexico Gov. Michel Lujan Grisham last week signed legislation to create a state solar market development income tax credit, effective Jan. 1, 2020. S.B. 29 is for 10 percent of the purchase and installation of solar thermal or photovoltaic systems from March 1, 2020, until Dec. 31, 2027.  The annual statewide cap is $8 million on a first-come, first-served basis, with a taxpayer cap of $6,000 per year.

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