Advanced Energy Tax Credit (Corporate)

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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
Budget -
Start Date
Technologies Solar Thermal Electric, Solar Photovoltaics
Sectors
Summary

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: 

  • 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. 
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