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Biomass Equipment & Materials Compensating Tax Deduction (New Mexico)
EZFeed/Relevant Yes  +
Incentive/Active true  +
Incentive/Amt 100% of value may be deducted for purposes of calculating Compensating Tax due  +
Incentive/ApplDsc Commercial  + , Industrial  +
Incentive/AuthCode NM Stat. § 7-9-98  +
Incentive/AuthDtEff 2005-06-17  +
Incentive/AuthDtEnact 2005-04-05  +
Incentive/AuthLink http://public.nmcompcomm.us/nmpublic/gateway.dll/?f=templates&fn=default.htm  +
Incentive/ContAddr 1100 South St. Francis Drive  +
Incentive/ContDept New Mexico Taxation & Revenue Department  +
Incentive/ContName Information Specialist  +
Incentive/ContPhone (505) 827-0700  +
Incentive/ContPlace Santa Fe, New Mexico  +
Incentive/ContWebsite http://www.tax.newmexico.gov  +
Incentive/ContZip 87504  +
Incentive/EnergyCat Renewable Energy Incentive Programs  +
Incentive/ImplSector State/Territory  +
Incentive/Name Biomass Equipment & Materials Compensating Tax Deduction  +
Incentive/ProgAdmin New Mexico Taxation & Revenue Department  +
Incentive/StartDate June 17, 2005  +
Incentive/StartDateString 2005-06-17  +
Incentive/Summary In 2005, New Mexico adopted a policy to al
In 2005, New Mexico adopted a policy to allow businesses to deduct the value of biomass equipment and biomass materials used for the processing of biopower, biofuels, or biobased products in determining the amount of Compensating Tax due.<br> <br> New Mexico's Compensating Tax is an excise, or "use" tax, which is typically levied on the purchaser of the product or service for using tangible property in the state. The tax applies to imports of factory and office equipment, and other items. The rate is 5.125% on certain property used in New Mexico and 5% on certain services used in New Mexico. Compensating Tax is designed to protect New Mexico businesses from unfair competition from out-of-state business not subject to a sales or gross receipts tax. This biomass Compensating Tax deduction is analogous to a sales tax exemption for renewable energy equipment available in some other states.<br> <br> Deductions from compensating tax do not have to be reported to the New Mexico Taxation and Revenue Department but records substantiating the deduction should be kept in the taxpayer's records.
should be kept in the taxpayer's records.  +
Incentive/TechDsc Landfill Gas + , Biomass + , Municipal Solid Waste + , CHP/Cogeneration + , Hydrogen + , Anaerobic Digestion + , Ethanol + , Methanol + , Biodiesel + , Microturbines +
Incentive/Type Sales Tax Incentive +
OpenEI/PageDescription Biomass Equipment & Materials Compensating Tax Deduction: energy incentive program.  +
OpenEI/PageKeyword Energy Incentives  + , New Mexico  + , Sales Tax Incentive  + , New Mexico Taxation & Revenue Department  +
Place New Mexico: Energy Resources +
Categories Financial Incentive Programs , Pages with reference errors , Incentive with Contacts , Incentive with Authorities
Modification date
"Modification date" is a predefined property that corresponds to the date of the last modification of a subject and is provided by Semantic MediaWiki.
18:13:36, 12 February 2015  +
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