Advanced Energy Tax Credit (Corporate) (New Mexico)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place New Mexico

Name Advanced Energy Tax Credit (Corporate)
Incentive Type Corporate Tax Credit
Applicable Sector Commercial
Eligible Technologies Solar Thermal Electric, Photovoltaics, Geothermal 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 Solar and Geothermal: 1 Megawatt minimum

Recycled Energy: 15 Megawatt maximum



Start Date 2009-07-01







Maximum Incentive 60 million










Program Administrator Taxation and Revenue Department
Website http://www.tax.newmexico.gov/Tax-Professionals/tax-credits-overview.aspx
Date added to DSIRE 2007-05-31
Last DSIRE Review 2014-08-12



References DSIREDatabase of State Incentives for Renewables and Efficiency[1]


Summary

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.

Combined Reporting


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.


Carryover


Any unused credit may be carried forward for up to 10 years.


Process


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.


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.newmexico.gov
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: N.M. Stat. § 7-9G-2
Date Effective 2007-07-01
Date Enacted 2007-04-03


Authority 2: N.M. Stat. § 62-6-28
Date Effective 2007-07-01
Date Enacted 2007-04-03


Authority 3: N.M. Stat. § 7-2A-25
Date Effective 2009-07-01
Date Enacted 2009-03-09

















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"