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New Mexico

New Mexico

Incentives/Policies for Renewables & Efficiency

Printable Version
Geothermal Heat Pump Tax Credit (Corporate)   

Last DSIRE Review: 08/01/2014
Program Overview:
State: New Mexico
Incentive Type: Corporate Tax Credit
Eligible Renewable/Other Technologies: Geothermal Heat Pumps
Applicable Sectors: Commercial, Residential, Agricultural
Amount:30%
Maximum Incentive:$9,000 per system
Annual aggregate cap of $2 million in total corporate and personal tax credits
Equipment Requirements:Systems must have a minimum coefficient of performance of 3.4, or an efficiency ratio of 16
Must meet other standards described in NMAC 3.4.19
Installation Requirements:Systems must be installed by an accredited installer certified by the International Ground Source Heat Pump Association.
Must meet other standards described in NMAC 3.4.19
Carryover Provisions:Unused credit may be carried forward for 10 years
Program Budget:$2 million per year (includes corporate and personal tax credits combined)
Start Date:01/01/2010
Expiration Date:12/31/2020
Web Site: http://www.emnrd.state.nm.us/ECMD/RenewableEnergy/geothermal.html
Authority 1:
Date Enacted:
Date Effective:
Expiration Date:
N.M. Stat. ยง 7-2A-24
04/09/2009
01/01/2010
12/31/2020
Authority 2:
Date Enacted:
Date Effective:
NMAC 3.4.19
09/15/2010
09/15/2010
Summary:

H.B. 375, enacted in April 2009, created a tax credit in New Mexico for geothermal heat pumps purchased and installed between January 1, 2010, and December 31, 2020, on property owned by the tax payer. The credit is worth 30% of the system's cost up to $9,000 and can be applied to individual or corporate income taxes. Any unused credit may be carried forward for up to 10 years.

To qualify for the credit, system owners must file an application with the Energy, Minerals and Natural Resources Department (EMNRD). EMNRD will review and approve applications in the order they are received until the annual aggregate cap of $2,000,000 in tax credits has been reached. For an application to be approved by EMNRD, systems must have either a minimum coefficient of performance of 3.4 or an efficiency ratio of 16 or greater and be installed by an accredited installer certified by the International Ground Source Heat Pump Association. Additional technical specifications and requirements relating to safety, building code and standards compliance, minimum system sizes, system applications, and lists of eligible components can be found in the New Mexico Administrative Code linked above.


 
Contact:
  Harold Trujillo
New Mexico Energy, Minerals and Natural Resources Department
Energy Conservation and Management Division
1220 South St. Francis Drive
Wendell Chino Building, First Floor
Santa Fe, NM 87505
Phone: (505) 476-3372
E-Mail: harold.trujillo@state.nm.us
 
  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.