NM SB55

Increases the New Solar Market Development Income Tax Credit from 10% to 30% of purchase and installation costs for solar thermal or photovoltaic systems

Raises the maximum credit per taxpayer from $6,000 to $15,000 per taxable year

Sets the annual aggregate cap on certified credits at $30 million, simplifying the previous tiered structure that varied by calendar year

Applies to systems purchased and installed on or after March 1, 2026, in residences, businesses, or agricultural enterprises owned by the taxpayer or held in leasehold on tribal lands

Takes effect for taxable years beginning on or after January 1, 2026, with the credit available through taxable years ending prior to January 1, 2032