Advanced Energy Tax Credit (Corporate) (New Mexico)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Advanced Energy Tax Credit (Corporate)|
|Incentive Type||Corporate Tax Credit|
|Eligible Technologies||Solar Thermal Electric, Photovoltaics, Geothermal Electric, Energy Storage|
|Energy Category||Renewable Energy Incentive Programs|
|Amount||6% credit against personal, corporate, gross receipts, compensating, or withholding taxes|
|Carryover Provisions||10 years|
|Eligible System Size|| Solar and Geothermal: 1 Megawatt minimum|
Recycled Energy: 15 Megawatt maximum
|Maximum Incentive||60 million|
|Program Administrator||Taxation and Revenue Department|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
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.
"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.
Any balance of the advanced energy corporate income tax credit that the taxpayer is approved to claim may be claimed by the taxpayer as an “advanced energy combined reporting tax credit” (see § 7-9G-2). A taxpayer granted approval to claim an advanced energy combined reporting tax credit may claim an amount of available credit against the taxpayer's gross receipts tax, compensating tax or withholding tax due to the state.
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, 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, including forms to apply for the tax credit.
|Contact Name||Information Specialist|
|Department||New Mexico Taxation & Revenue Department|
|Address||1100 South St. Francis Drive|
|Place||Santa Fe, New Mexico|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||N.M. Stat. § 7-9G-2|
|Authority 2:||N.M. Stat. § 62-6-28|
|Authority 3:||N.M. Stat. § 7-2A-25|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.