“Never has our state had such a huge need to diversify its economy and to create jobs in industries that are immune to cuts in the federal budget or swings in the price of oil and natural gas,” said Representative Ely. “At a time when New Mexicans are wondering why we aren’t the solar capital of the world, it is really disappointing to see my colleagues across the aisle fail to recognize the job creating potential of solar energy.”
House Bill 193 would have increased the solar tax credit from 10% to 15% of the cost of purchase and installation for families making less than $43,871 per year. The new “solar market development corporate income tax credit” would’ve allowed businesses to claim 10% of the purchase and installation cost of a solar energy system. Currently, there are 96 solar companies who call New Mexico home that employs around 2,000 individuals.