Agricultural Biomass Income Tax Credit (Personal) (New Mexico)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place New Mexico

Name Agricultural Biomass Income Tax Credit (Personal)
Incentive Type Personal Tax Credit
Applicable Sector Agricultural
Eligible Technologies Biomass
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount 5 per wet ton

Carryover Provisions Unused credit may be carried forward for up to 4 years.




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.
Start Date 2011-01-01







Maximum Incentive Statewide annual limit of 5 million in total credits











Website http://www.emnrd.state.nm.us/ECMD/CleanEnergyTaxIncentives/cleanenergytaxincentives.html
Date added to DSIRE 2010-12-14
Last DSIRE Review 2012-11-14



References DSIRE[1]


Summary

House Bill 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, 2020. 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 million in these credits annually and will award a qualification document to eligible projects on a first come, first served basis. The qualification document may be submitted by the taxpayer with that taxpayer's personal income tax return or may be sold, exchanged or otherwise transferred to another taxpayer. The taxpayers involved in a credit transfer must notify the Taxation and Revenue Department within ten days of the sale, exchange or transfer. If a tax payer cannot claim all the credit they have been awarded for the year, they may carry forward any unused credit for a maximum of four consecutive years.


Incentive Contact

Contact Name Colin Messer
Department New Mexico Energy, Minerals and Natural Resources Department
Division Energy Conservation and Management Division
Address 1220 S. St. Francis Drive

Place Santa Fe, New Mexico
Zip/Postal Code 87505
Phone (505) 476-3314


Email ColinJ.Messer@state.nm.us
Website http://www.emnrd.state.nm.us/ecmd/
Contact Name Information Specialist
Department New Mexico Taxation and Revenue Department

Address P.O. Box 630

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. § 7-2-18.26
Date Effective 2011-01-01
Date Enacted 2010-03-08
Expiration Date 2019-12-31

















  • 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 (DSIRE)"