Program | Advanced Energy Tax Credit (Corporate) |
---|---|
Category | Financial Incentive |
Implementing sector | State |
Last Update | |
State | New Mexico |
Administrator | Taxation and Revenue Department |
Website | http://www.tax.newmexico.gov/Tax-Professionals/tax-credits-overview.aspx |
Start Date | |
Technologies | Solar Thermal Electric, Solar Photovoltaics |
Note: The deadline for qualifying for this tax incentive was 12/31/2015. This summary is here for informational purposes only.
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:
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.