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New Mexico

New Mexico

Incentives/Policies for Renewables & Efficiency

Printable Version
Advanced Energy Tax Credit (Corporate)   

Last DSIRE Review: 08/12/2014
Program Overview:
State: New Mexico
Incentive Type: Corporate Tax Credit
Eligible Renewable/Other Technologies: Solar Thermal Electric, Photovoltaics, Geothermal Electric, Energy Storage, Recycled Energy
Applicable Sectors: Commercial
Amount:6% credit against personal, corporate, gross receipts, compensating, or withholding taxes
Maximum Incentive:$60 million
Eligible System Size:Solar and Geothermal: 1 Megawatt minimum
Recycled Energy: 15 Megawatt maximum
Carryover Provisions:10 years
Start Date:7/1/2009
Web Site: http://www.tax.newmexico.gov/Tax-Professionals/tax-credits-overvi...
Authority 1:
Date Enacted:
Date Effective:
N.M. Stat. § 7-9G-2
4/3/2007
7/1/2007
Authority 2:
Date Enacted:
Date Effective:
N.M. Stat. § 62-6-28
4/3/2007
7/1/2007
Authority 3:
Date Enacted:
Date Effective:
N.M. Stat. § 7-2A-25
3/9/2009
7/1/2009
Summary:

A taxpayer that holds an interest in a qualified generating facility located in New Mexico and that files a New Mexico corporate income tax return may claim an advanced energy corporate income tax credit in an amount equal to 6% of the eligible generation plant costs of a qualified generating facilities (see § 7-2A-25).

“Eligible generation plant costs" means expenditures for the development and construction of a qualified generating facility, including costs related to permitting, site characterization and assessment, engineering, design, and site and equipment acquisition. 

Eligible Technologies

"Qualified generating facility" means a facility that begins construction not later than  December 31, 2015, and includes, among other technologies: 

  • a solar thermal electric generating facility that begins construction on or after  July 1, 2007 and that may include an associated renewable energy storage facility;
  • a solar photovoltaic electric generating facility that begins construction on or after  July 1, 2009 and that may include an associated renewable energy storage facility;
  • a geothermal electric generating facility that begins construction on or after July 1, 2009; and
  • a recycled energy project if that facility begins construction on or after July 1, 2007.

Combined Reporting

Any balance of the advanced energy corporate income tax credit that the taxpayer is approved to claim may be claimed by the taxpayer as an “advanced energy combined reporting tax credit” (see § 7-9G-2). A taxpayer granted approval to claim an advanced energy combined reporting tax credit may claim an amount of available credit against the taxpayer's gross receipts tax, compensating tax or withholding tax due to the state.  

Carryover

Any unused credit may be carried forward for up to 10 years.

Process

The aggregate amount of all advanced energy tax credits that may be claimed with respect to a qualified generating facility cannot exceed $60,000,000. In order to claim the tax credit, developers must obtain a certificate of eligibility from the New Mexico Environment Department and submit the certificate to the New Mexico Taxation and Revenue Department.

Click here for more information, including forms to apply for the tax credit. 


 
Contact:
  Information Specialist
New Mexico Taxation & Revenue Department
1100 South St. Francis Drive
Santa Fe, NM 87504
Phone: (505) 827-0700
Web Site: http://www.tax.newmexico.gov
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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.