Advanced Energy Tax Credit (Corporate) (New Mexico)
Last modified on February 28, 2013.
Financial Incentive Program
| Place | New Mexico |
|---|---|
| Name | Advanced Energy Tax Credit (Corporate) |
| Incentive Type | Corporate Tax Credit |
| Applicable Sector | Commercial |
| Eligible Technologies | Geothermal Electric, Photovoltaics, Solar Thermal Electric, Energy Storage |
| Active Incentive | Yes |
| Implementing Sector | State/Territory |
| 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 | 1 Megawatt or greater |
| Start Date | 7/1/2009 |
| Maximum Incentive | 60 million |
| Program Administrator | Taxation and Revenue Department |
| Date added to DSIRE | 2007-05-31 |
| Last DSIRE Review | 02/28/2013 |
| References | DSIRE[1] |
Summary
As of July 2007, the development and construction costs of solar thermal electric plants and associated energy storage devices are eligible for a 6% tax credit against gross receipts, compensating, or withholding taxes. Photovoltaics and geothermal electric generating facilities installed after July 1, 2009 with a nameplate capacity of at least 1 megawatt were added as eligible technologies by SB 237 of 2009. SB 237 also allowed the credit to offset personal and corporate income taxes in addition to gross receipts, compensating, and withholding taxes. Any unused credit may be carried forward for up to ten years. The tax credit amount is capped at $60 million.
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, or download these forms:
- RPD-41334, Advanced Energy Tax Credit Claim Form
- RPD-41333, Application for Advanced Energy Tax Credit
Incentive Contact
| Contact Name | Information Specialist |
|---|---|
| Department | New Mexico Taxation & Revenue Department |
| Address | 1100 South St. Francis Drive |
| Place | Santa Fe, New Mexico |
| Zip/Postal Code | 87504 |
| Phone | (505) 827-0700 |
| Website | http://www.tax.state.nm.us/ |
Authorities (Please contact the if there are any file problems.)
| Authority 1: | N.M. Stat. § 7-9G-2 |
|---|---|
| Date Effective | 7/1/2007 |
| Date Enacted | 4/3/2007 |
| Authority 2: | N.M. Stat. § 62-6-28 |
|---|---|
| Date Effective | 7/1/2007 |
| Date Enacted | 4/3/2007 |
| Authority 3: | N.M. Stat. § 7-2A-25 |
|---|---|
| Date Effective | 7/1/2009 |
| Date Enacted | 3/9/2009 |
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]
References
Tax Credits Concentrating Solar Power Incentives
| CSP Commercial Tax Credit % Eligible Costs | 6% |
|---|---|
| CSP Commercial Tax Credit Max $ | $60,000,000 |
| CSP Min KW | 1,000 |
Tax Credits Solar Photovoltaic Incentives
| PV Commercial Tax Credit % Eligible Costs | 6% |
|---|---|
| PV Commercial Tax Credit Max $ | $60,000,000 |
| PV Tax Credit Min KW | 1,000 |
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]
References