Note: The deadline for qualifying for this tax incentive was 12/31/2015. This summary is here for informational purposes only.
A taxpayer who holds an interest in a qualified generating facility located in New Mexico and who files an individual New Mexico income tax return may claim an advanced energy income tax credit in an amount equal to 6% of the eligible generation plant costs of a qualified generating facility.
“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.
"Qualified generating facility" means a facility that begins construction not later than December 31, 2015, and includes, among other technologies:
Any unused credit may be carried forward for up to 10 years.
The aggregate amount of all advanced energy tax credits that may be claimed with respect to a qualified generating facility cannot exceed $60,000,000.
In order to claim the tax credit, an entity that holds an interest in a qualified generating facility may request a certificate of eligibility from the New Mexico Environment Department (NMED). To claim the advanced energy income tax credit, a taxpayer must submit with the taxpayer's New Mexico income tax return a certificate of eligibility from the NMED stating that the taxpayer may be eligible for advanced energy tax credits.
Click here for more information, including forms to apply for the tax credit.
|Incentive Type:||Personal Tax Credit|
|Administrator:||Taxation and Revenue Department|
|Eligible Renewable/Other Technologies:||
|Maximum Incentive:||$60 million|
|Eligible System Size:||
Solar and Geothermal: 1 Megawatt minimum
Recycled Energy: 15 Megawatt maximum
|Carryover Provisions:||10 years|
|Technologies:||Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics|
|Parameters:||The system has a maximum of 1.00 MW, The incentive is 6.00 %, The incentive has a minimum of $1000000.00|
|Name:||N.M. Stat. § 7-2A-25|
|Name:||N.M. Stat. § 7-9G-2|
|Organization:||New Mexico Taxation & Revenue Department|
1100 South St. Francis Drive
Santa Fe NM 87504
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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