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

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
References	DSIRE

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.