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New Mexico

New Mexico

Incentives/Policies for Renewables & Efficiency

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Solar Energy Gross Receipts Tax Deduction   

Last DSIRE Review: 08/04/2014
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, dark-colored water tanks, and non-vented trombe walls
Start Date:07/01/2007
Web Site: http://www.emnrd.state.nm.us/ecmd/CleanEnergyTaxIncentives/SolarG...
Authority 1:
Date Enacted:
Date Effective:
N.M. Stat. ยง 7-9-112
04/03/2007
07/01/2007
Authority 2:
NMAC 3.2.247
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. 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, as well as a non-vented trombe wall, including all equipment necessary for the installation and operation of the trombe wall, are also eligible for this tax deduction.

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.

Click here for more information.


 
Contact:
  Vincent Barrera
New Mexico Energy, Minerals and Natural Resources Department
Energy Conservation and Management Division
Phone: (505) 476-3323
E-Mail: Vincent.Barrera@state.nm.us
Web Site: http://www.emnrd.state.nm.us/ecmd/
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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.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.