Sen. Keller's Solar Tax Credit Expansion Bill Unanimously Passed by NM Senate

“Future jobs in our state will likely come from the sustainable energy sector. It’s critical that we adapt our current tax incentive package to stay ahead of the curve. This bill expands the residential solar tax credit by 10% and provides needed economic stimulus to New Mexico’s green jobs economy. This should encourage more small businesses and home owners to purchase solar and create associated green jobs to provide these services,” said Sen. Tim Keller (D-Bernalillo-17), sponsor of SB 257. The bill was passed uanimously by the NM Senate on Saturday and goes next to the House Taxation and Revenue Committee.

SB 257, when combined with the federal tax credit, which allows small businesses and home owners to claim up to a 30% tax credit on solar thermal or solar photovoltaic systems, will increase the credit to cover up to 40 percent of the purchase and installation costs for solar technologies. According to a statement released by the NM Senate leadership, funding for the measure was budgeted before the federal enhancement and is not expected to create any more incremental fiscal impact.