SB 29, introduced by Sen. Majority Whip Mimi Stewart, D-Albuquerque, and Rep. Matthew McQueen, D-Santa Fe, would allow individuals to apply for an income tax credit equivalent to 10% of the costs of purchasing and installing new solar systems on their residences, businesses or agricultural projects. The bill caps the tax credit for each individual at $6,000. It also limits the amount that the state can give out in solar development tax credits to $10 million dollars a year. If passed, New Mexico residents would be able to apply for the tax credit for any new solar projects purchased and installed after January 1, 2020.