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Solar Industry Urges Extension of New Mexico Tax Credit

SANTA FE, N.M. (AP) — Time may be running out for an extension of New Mexico's rooftop solar tax credit as legislators weigh whether to forgo $5 million in annual state revenues to encourage more generation of solar energy by households, farms and small businesses.

The tax credit offsets up to 10 percent of costs for new solar energy systems and expires at the end of the year. A bill to extend the credit through 2024 cleared its first hurdle on Monday with approval by a House energy committee.

Republican Gov. Susana Martinez declined last year to sign a similar bill approved by the Legislature. House Republicans are divided on this year's bill.

The solar industry and other proponents of the tax-credit extension say it would bolster employment in the renewable energy sector.