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New Mexico

New Mexico

Incentives/Policies for Renewables & Efficiency

Printable Version
Advanced Energy Tax Credit (Personal)   

Last DSIRE Review: 02/28/2013
Program Overview:
State: New Mexico
Incentive Type: Personal Tax Credit
Eligible Renewable/Other Technologies: Solar Thermal Electric, Photovoltaics, Geothermal Electric, Energy Storage
Applicable Sectors: Commercial
Amount:6%
Maximum Incentive:$60 million
Eligible System Size:Minimum size: 1 MW
Carryover Provisions:10 years
Authority 1:
N.M. Stat. ยง 7-2-18.25
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:

 


 
Contact:
  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.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.