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Funding Resources
Funding Resources
| NM Biomass Equipment and Materials Deduction | |
|---|---|
| Type of Incentive | Tax |
| Eligible States | NM |
| Eligible Technology | Backpressure Turbine, Boiler, Combustion Turbine, Condensing Turbine, Extracting Turbine, Fuel Cell, Microturbine, Other, Reciprocating Engine, Heat Recovery Generator, Stirling Engine |
| Eligible Fuel | Biogas, Biomass, Other |
| Eligible Project Size | All (MW) |
| Critical Information | Businesses are allowed to deduct the value of biomass equipment and biomass materials used for the processing of biopower, biofuels or biobased products in determining the amount of their Compensating Tax due. New Mexico's Compensating Tax is an excise, or "use" tax, which is typically levied on the purchaser of the product or service for using tangible property in the state. The tax applies to imports of factory and office equipment, and other items. The rate is 5 percent of the value of the property or service. This biomass Compensating Tax deduction is analogous to a sales tax exemption for renewable energy equipment available in some other states. |
| Start Date | 4/5/2005 |
| End Date |
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| Minimum Efficiency (%) |
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| Additional Information | * There is no specified end date. |
| Web Site | http://www.state.nm.us/tax/home.htm |
| Additional Web Site | http://www.dsireusa.org/library/includes/ incentive2.cfm?Incentive_Code=NM06F&state=NM&CurrentPageID=1&RE=1&EE=1 |
| Primary Contact | Tax Information Office 1100 South St. Francis Drive PO Box 630 Santa Fe, NM 87504 U.S.A. Tax Information Office (poffice@state.nm.us) (505) 827-0700 |