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Sep. 18—The Energy, Minerals and Natural Resources Department is working to make its online website portal to apply for the state solar tax credit more understandable for taxpayers and easier to ...
Since the tax credit program started in 2020, EMNRD has approved over 12,7000 projects, according to the agency's solar credit dashboard, with a total installed capacity of more than 100 megawatts ...
Since 2020, EMNRD reported 12,000 New Mexico homeowners received solar tax credits, saving about $1,624 per year on energy costs. The projects added a total of 97 megawatts to the state’s power ...
The head of EMNRD is the cabinet secretary of energy, minerals and natural resources. The cabinet secretary is appointed by the governor of New Mexico, with the approval of the New Mexico Senate, and serves as a member of the Governor's Cabinet. The Cabinet Secretary is assisted by a Deputy Secretary and six division directors.
Oil and gas production, tourism, and federal government spending are important drivers of New Mexico's economy. The state government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. In 2017 New Mexico's gross domestic product was $94.2 billion. [1]
The tax credit began in 2008. [5] Solar companies operating in New Mexico say they are okay to absorb the loss of the state tax credit, meaning that they don't believe it will affect their business. However, in addition to the loss of the tax credit, renewable energy payments from utilities to customers is also declining. [5]
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Regular military salaries of New Mexico residents serving in the U.S. military are subject to the income tax, but since 2007, active-duty military salaries have been exempt from the state income tax. [7] [8] Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [9]