New Solar Market Development Tax Credit - March 2020

ECMD Contact: Mark Gaiser
(505) 476-3318
Mark.Gaiser@state.nm.us

Announcement

"New Solar Market Development Tax Credit"  was passed by the 2020 New Mexico Legislature. Senate Bill 29 was sponsored by Senator Mimi Stewart and Representative Matthew McQueen. This bill provides a 10% tax credit with a value up to $6,000 for a solar system.

On March 3, 2020 New Mexico Governor Michelle Lujan Grisham signed the bill into law.

Important dates:

March 1, 2020. Taxpayers who purchase and install a solar thermal or photovoltaic system on or after this date are eligible for this non-refundable tax credit.

July 1, 2020. Date when law is in effect and first day that applications will be accepted by the ECMD office.

Next Steps:

Guidelines for sales and customers are being drafted for release in two weeks. The rulemaking process is beginning soon, with a proposed hearing date the last week of April 2020. Target week for publishing the rule is the last week of May 2020. Electronic submission forms will be available by mid-June 2020.

 

 

Additional Information

Solar Gross Receipts Tax Exemption
Property Tax Exemption for Solar Systems
Protect Your Solar Rights (brochure)
 
 
 
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