Alternative Energy Product Manufacturers Tax Credit (New Mexico)

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
References	DSIREDatabase of State Incentives for Renewables and Efficiency

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.