New Mexico legislation · 2026 Regular Session
New Mexico SB55: SOLAR MARKET INCOME TAX CREDIT
Status: Passed one chamber, February 12, 2026
What the bill says
An act relating to taxation; increasing the amount of the new solar market development income tax credit.
From the introduced text, January 21, 2026:
AN ACT RELATING TO TAXATION; INCREASING THE AMOUNT OF THE NEW SOLAR MARKET DEVELOPMENT INCOME TAX CREDIT. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-2-18.31 NMSA 1978 (being Laws 2020, Chapter 13, Section 1, as amended) is amended to read: "7-2-18.31. NEW SOLAR MARKET DEVELOPMENT INCOME TAX CREDIT.-- A. For taxable years ending prior to January 1, 2032, a taxpayer who is not a dependent of another individual and who, on or after March 1, [2020] 2026, purchases and installs a solar thermal system or a photovoltaic system in a residence, business or agricultural enterprise in New Mexico owned by that taxpayer or by a federally recognized Indian nation, tribe or pueblo and held in leasehold by that taxpayer .232297.3 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ may claim, and the department may allow, a credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act in an amount provided in Subsection C of this section. The tax credit provided by this section may be referred to as the "new solar market development income tax credit". B. The purpose of the new solar market development income tax credit is to encourage the installation of solar thermal and photovoltaic systems in residences, businesses and agricultural enterprises. C. The department may …
Sponsors
- Mimi Stewart (D, SD-017) · primary sponsor
- Reena Szczepanski (D, HD-047)
- Micaelita Debbie O'Malley (D, SD-013)
- Elizabeth "Liz" Stefanics (D, SD-039)
- Nicole Tobiassen (R, SD-021)
Latest actions
- : HENRC: Reported by committee with Do Pass recommendation
- : Sent to HENRC - Referrals: HENRC/HTRC
- : Passed in the Senate - Y:26 N:10
- : SFC: Reported by committee with Do Pass recommendation
- : STBTC: Reported by committee with Do Pass recommendation
- : SCC: Reported by committee to fall within the purview of a 30 day session
- : Sent to SCC - Referrals: SCC/STBTC/SFC
- : Action Postponed Indefinitely
Votes
- Senate Floor Vote (February 5, 2026): 26 yea, 10 nay, passed
Subjects: ENERGY & NATURAL RESOURCES, UTILITIES (sewer, electric, gas, water, telephone), TAXATION, INCOME
Common questions
- What is SB55?
- SB55 is a bill in the New Mexico Legislature (2026 Regular Session): SOLAR MARKET INCOME TAX CREDIT.
- What does SB55 do?
- In its own words: An act relating to taxation; increasing the amount of the new solar market development income tax credit.
- What is the status of SB55?
- Passed one chamber as of February 12, 2026. Latest action: HENRC: Reported by committee with Do Pass recommendation (February 12, 2026).
- Who sponsored SB55?
- Mimi Stewart (D, SD-017), with 4 co-sponsors.
- Where is the official record for SB55?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=B&legNo=55&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.