SCHOOL SOLAR TAX CREDITS

HB 213 creates tax credits for New Mexico individuals and businesses that install solar energy systems on public school or public post-secondary educational institution property. The credit covers 40% of installation costs (or appraised value for federal credit applications), with a total state cap of $300 million and annual limits of $100 million before 2028. To qualify, taxpayers must prove system installation, safety compliance, and school property use through state certification. The credit can be transferred to other taxpayers and applies to tax years ending before 2037.