Alternative Energy Product Manufacturers Tax Credit (New Mexico)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place New Mexico

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
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount Determined by New Mexico Department of Taxation and Revenue







Start Date 2006-07-01







Maximum Incentive 5% of taxpayer's qualified expenditures









Terms 5-year tax credit carryover
Program Administrator New Mexico Energy, Minerals and Natural Resources Department
Website http://www.tax.newmexico.gov/forms-publications.aspx
Date added to DSIRE 2007-05-25
Last DSIRE Review 2014-11-21



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


Summary

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.


Incentive Contact

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
Zip/Postal Code 87505
Phone (505) 827-0351


Email sandra.ely@state.nm.us
Website http://www.emnrd.state.nm.us/ecmd/
     
     

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

Authority 1: N.M. Stat. § 7-9J-1 et seq.
Date Effective 2006-07-01
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.[1]

References

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