Alternative Energy Product Manufacturers Tax Credit (New Mexico)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Alternative Energy Product Manufacturers Tax Credit|
|Incentive Type||Industry Recruitment/Support|
|Applicable Sector||Commercial, Industrial|
|Eligible Technologies||Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Geothermal Electric, Fuel Cells, Municipal Solid Waste, Anaerobic Digestion, Fuel Cells using Renewable Fuels, Energy Storage|
|Energy Category||Renewable Energy Incentive Programs|
|Amount||Determined by New Mexico Department of Taxation and Revenue|
|Maximum Incentive||5% of taxpayer's qualified expenditures|
|Terms||5-year tax credit carryover|
|Program Administrator||New Mexico Energy, Minerals and Natural Resources Department|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
The Alternative Energy Product Manufacturers tax credit may be claimed for manufacturing alternative energy products and components, including renewable energy systems, fuel cell systems, and electric and hybrid-electric vehicles. Alternative energy components include parts, assembly of parts, materials, ingredients, or supplies that are incorporated directly into end-use products. In 2011 S.B. 233 added "products extracted from or secreted by a single cell photosynthetic organism" to the list of eligible alternative energy products.
The total amount of the credit is approved by the Taxation and Revenue Department and is not to exceed 5% of the taxpayer’s qualified expenditures. A qualified expenditure is the purchase of manufacturing equipment made after July 1, 2006.
To be eligible to claim a credit, the taxpayer must employ at least one new full-time employee for every $500,000 of expenditures up to $30,000,000, and at least one new full-time employee for every $1,000,000 of expenditures over $30,000,000.
The alternative energy product manufacturers tax credit may only be deducted from the taxpayer's modified combined tax liability, which is the total liability for the reporting period for the gross receipts, compensating tax, and withholding tax. Any portion of the alternative energy product manufacturers tax credit that remains unused at the end of the taxpayer's reporting period may be carried forward for 5 years.
|Contact Name||Sandra Ely|
|Department||New Mexico Energy, Minerals and Natural Resources Department|
|Division||Energy Conservation and Management Division|
|Address||1190 St. Francis Drive|
|Address 2||Rm. N2150|
|Place||Santa Fe, New Mexico|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||N.M. Stat. § 7-9J-1 et seq.|
|Date Enacted||4/3/2007, subsequently amended|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.