Advanced Energy Tax Credit (Corporate)

Summary

Note: The deadline for qualifying for this tax incentive was 12/31/2015. This summary is here for informational purposes only.

A taxpayer that holds an interest in a qualified generating facility located in New Mexico and that files a New Mexico corporate income tax return may claim an advanced energy corporate income tax credit in an amount equal to 6% of the eligible generation plant costs of a qualified generating facilities (see § 7-2A-25).

“Eligible generation plant costs" means expenditures for the development and construction of a qualified generating facility, including costs related to permitting, site characterization and assessment, engineering, design, and site and equipment acquisition. 

Eligible Technologies

"Qualified generating facility" means a facility that begins construction not later than  December 31, 2015, and includes, among other technologies: 

• a solar thermal electric generating facility that begins construction on or after  July 1, 2007 and that may include an associated renewable energy storage facility;
• a solar photovoltaic electric generating facility that begins construction on or after  July 1, 2009 and that may include an associated renewable energy storage facility;
• a geothermal electric generating facility that begins construction on or after July 1, 2009; and
• a recycled energy project if that facility begins construction on or after July 1, 2007.