Advanced Energy Tax Credit (Corporate) (New Mexico)

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
References	DSIREDatabase of State Incentives for Renewables and Efficiency

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.