ALBUQUERQUE, N.M. (AP) – Bipartisan efforts are making headway in the New Mexico House and Senate to reinstate a tax credit that spurred nearly a quarter billion dollars of investment in roof-top solar and related jobs before expiring last year.
A Senate panel on Tuesday endorsed one of three identical bills that call for renewing the credit for an additional eight years. A House committee took similar action Monday.
The credit expired in 2016 despite attempts during the previous legislative session to extend the program. The chief concern last year was the $5 million it would cost the state annually to continue the program.
While lawmakers are still grappling with a budget crisis, supporters say the return on investment outweighs the cost and that the legislation should be seen as an economic development bill.