New Mexico Incentives/Policies for Renewables & Efficiency |
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Last DSIRE Review: 08/03/2012
Program Overview:
| State: |
New Mexico |
| Incentive Type: |
Sales Tax Incentive |
| Eligible Renewable/Other Technologies: |
Passive Solar Space Heat, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics |
| Applicable Sectors: |
Commercial, Residential, Construction, Installer/Contractor, Retail Supplier, Solar Distributors |
| Amount: | 100% of gross receipts from sale and installation of solar energy systems |
| Start Date: | 7/1/2007 |
| Web Site: |
http://www.emnrd.state.nm.us/ecmd/CleanEnergyTaxIncentives/SolarG...
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Authority 1:
Date Enacted:
Date Effective:
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N.M. Stat. ยง 7-9-112
4/3/2007
7/1/2007
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Authority 2:
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NMAC 3.2.247
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Summary:
New Mexico has a gross receipts tax structure for businesses instead of a sales tax. Businesses are taxed on the gross amount of their business receipts each year before expenses are deducted. Revenue generated by the sale and installation of solar systems used to provide space heat, hot water or electricity to the property on which it is installed may be deducted from gross receipts before the gross receipts tax is calculated. Also covered are dark colored water tanks exposed to sunlight, including all equipment necessary for the installation and operation of the water tank as a part of the overall water system of the property; and a non-vented trombe wall, and all equipment necessary for the installation and operation of the trombe wall.
The seller must have a signed copy of Form RPD-41341 to claim the deduction, or other evidence acceptable to EMNRD that the service or equipment was purchased for the sole use of the sale and installation of a qualified energy system.
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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