SANTA FE ― House Republicans voted Thursday against House Bill 193 in the House Business and Industry Committee along a partisan 5-5 vote.
HB 193 would have made permanent and expanded New Mexico’s investment in solar energy, creating jobs and diversifying the state’s economy at a time when its over reliance on oil and gas has left us in a deep financial crisis. Sponsored by Representative Daymon Ely (D-Corrales), HB 193 made permanent the Solar Market Development Tax Credits as well as offering them to both private individuals, low income families as well as commercial businesses.
“Never has our state had such a huge need to diversify its economy and to create jobs in industries that are immune to cuts in the federal budget or swings in the price of oil and natural gas,” Ely said. “At a time when New Mexicans are wondering why we aren’t the solar capital of the world, it is really disappointing to see my colleagues across the aisle fail to recognize the job creating potential of solar energy.”
House Bill 193 would have increased the solar tax credit from 10 percent to 15 percent of the cost of purchase and installation for families making less than $43,871 per year. The new “solar market development corporate income tax credit” would have allowed businesses to claim 10 percent of the purchase and installation cost of a solar energy system.
Currently, there are 96 solar companies who call New Mexico home that employs around 2,000 individuals.