New Mexico Incentives/Policies for Renewables & Efficiency |
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Last DSIRE Review: 02/28/2013
Program Overview:
| State: |
New Mexico |
| Incentive Type: |
Corporate Tax Credit |
| Eligible Renewable/Other Technologies: |
Solar Thermal Electric, Photovoltaics, Geothermal Electric, Energy Storage |
| Applicable Sectors: |
Commercial |
| Amount: | 6% credit against personal, corporate, gross receipts, compensating, or withholding taxes |
| Maximum Incentive: | $60 million |
| Eligible System Size: | 1 Megawatt or greater |
| Carryover Provisions: | 10 years |
| Start Date: | 7/1/2009 |
Authority 1:
Date Enacted:
Date Effective:
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N.M. Stat. § 7-9G-2
4/3/2007
7/1/2007
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Authority 2:
Date Enacted:
Date Effective:
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N.M. Stat. § 62-6-28
4/3/2007
7/1/2007
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Authority 3:
Date Enacted:
Date Effective:
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N.M. Stat. § 7-2A-25
3/9/2009
7/1/2009
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Summary:
As of July 2007, the development and construction costs of solar thermal electric plants and associated energy storage devices are eligible for a 6% tax credit against gross receipts, compensating, or withholding taxes. Photovoltaics and geothermal electric generating facilities installed after July 1, 2009 with a nameplate capacity of at least 1 megawatt were added as eligible technologies by SB 237 of 2009. SB 237 also allowed the credit to offset personal and corporate income taxes in addition to gross receipts, compensating, and withholding taxes. Any unused credit may be carried forward for up to ten years. The tax credit amount is capped at $60 million.
In order to claim the tax credit, developers must obtain a certificate of eligibility from the New Mexico Environment Department and submit the certificate to the New Mexico Taxation and Revenue Department.
Click here for more information, or download these forms:
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Contact:
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Information Specialist
New Mexico Taxation & Revenue Department
1100 South St. Francis Drive
Santa Fe, NM 87504
Phone: (505) 827-0700
Web Site: http://www.tax.newmexico.gov
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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