[LWVNM Action] SB29 - Solar Tax Credit goes to the Governor

[Richard Mason]

This was one of the LWVNM's "A" priorities. The Governor will sign it.

*House approves solar tax credits*

*By Dan McKay / Journal Staff Writer*

*Wednesday, February 19th, 2020 at 4:20pm*

SANTA FE — Legislators are sending the governor legislation that would
reinstate a tax credit intended to encourage the installation of solar
panels on homes and small businesses.

The proposal, Senate Bill 29, would re-establish a tax credit for up to 10%
of the cost of installing the system, with a limit of $6,000 per household.
A similar credit expired in 2016.

It would cost New Mexico somewhere between $3.4 million to $7.5 million a
year in tax revenue, legislative analysts said.

Rep. Matthew McQueen, D-Galisteo, said he hopes the bill will promote the
use of renewable energy and reduce the reliance on coal and fossil fuels.

“I believe there is ample evidence,” he told his colleagues, “that the
burning of fossil fuels is changing our climate to the our great detriment.”

Opponents of the bill said the tax credit is no longer necessary. The cost
of solar installations has come down, they said, and the industry can stand
on its own without incentives that cost the state revenue.

The legislation is co-sponsored by McQueen and Senate Majority Whip Mimi
Stewart, D-Albuquerque.

Gov. Michelle Lujan Grisham, a Democrat, expressed support for the bill,
applauding legislators for its passage.

It picked up bipartisan support in both chambers, passing the House 51-19
and the Senate 33-6.
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