Bills to reinstate solar tax credit move ahead

ALBUQUERQUE — 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 today 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.