H.B. 171 of 2010 created a tax credit for agricultural biomass from a dairy or feedlot transported to a facility that uses agricultural biomass to generate electricity or make biocrude or other liquid or gaseous fuel for commercial use. For the purposes of this tax credit, agricultural biomass means wet manure. The Energy, Minerals and Natural Resources Department may adopt additional specifications for agricultural biomass through a rule making process.
The credit is effective for biomass originating between January 1, 2011, and January 1, 2030. The credit is worth $5 per wet ton. Eligible projects must apply to the Taxation and Revenue Department for the credit. The Taxation and Revenue Department is authorized to distribute $5,000,000 in credits annually and will award a qualification document to eligible projects on a first-come, first-served basis.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | New Mexico |
| Incentive Type: | Corporate Tax Credit |
| Web Site: | https://www.emnrd.nm.gov/ecmd/tax-incentives/agricultural-biomass-income-tax-credit/#gsc.tab=0 |
| Administrator: | Taxation and Revenue Department |
| Start Date: | 1/1/2011 |
| Eligible Renewable/Other Technologies: |
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| Incentive Amount: | $5 per wet ton |
| Maximum Incentive: | Statewide annual limit of $5 million in total credits |
| Equipment Requirements: | The biomass must originate from a dairy or feedlot and be transported to a facility that uses agricultural biomass to generate electricity or make biocrude or other liquid or gaseous fuel for commercial use. |
| Carryover Provisions: | Unused credit may be carried forward for up to 4 years. |
| Name: | House Bill 0171 |
| Date Enacted: | 3/8/2010 |
| Effective Date: | 1/1/2011 |
| Expiration Date: | 12/31/2019 |
| Name: | New Mexico Title 3 Chapter 4 Part 20 |
| Name: | New Mexico Energy, Minerals and Natural Resources |
| Address: |
1220 South St. Francis Drive Santa Fe NM 87505 |
| Phone: | (505) 476-3310 |
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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