Advanced Energy Tax Credit (Personal) (New Mexico)

Summary

Last modified on December 17, 2014.

Financial Incentive Program

Place	New Mexico
Name	Advanced Energy Tax Credit (Personal)
Incentive Type	Personal 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%
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

Summary

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.

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.

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, 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 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. § 7-2-18.25

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