Legislation To Expand Solar Power Tax Credit Passes House Ways And

Means Committee
Santa Fe, NM Legislation by Rep. Sarah Maestas Barnes that will expand solar
power tax credits passed the House Ways and Means Committee by a bipartisan
vote of 10-1. The legislation expands the current tax credit to include the leasing of
a solar power system, which will help promote clean energy while at the same time
save working families more money.
This tax credit provides an incentive to lease solar power systems, allowing us to
expand our use of a clean energy source and save our taxpayers money, said Rep.
Maestas Barnes, the bills sponsor.
Currently, there is only a tax credit for purchasing a solar panel system not leasing
one. The bill expands the solar market development tax credit for residential and
small business. Systems include both solar thermal and photovoltaic systems.
The provisions of the bill are applicable to taxable years beginning on or after
January 1, 2015. These tax credits will not apply for installations that are completed
after December 31, 2016.
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