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Funding Resources
Funding Resources
| NM Renewable Energy Production Tax Credit | |
|---|---|
| Type of Incentive | Tax |
| Eligible States | NM |
| Eligible Technology | Condensing Turbine, Extracting Turbine, Heat Recovery Generator, Stirling Engine |
| Eligible Fuel | Biomass, Municipal Solid Waste, Other |
| Eligible Project Size | 1 & larger |
| Critical Information | The New Mexico Renewable Energy Production Tax Credit allows a 1.0 cent per kilowatt-hour tax deduction for biomass-fired electricity generation. The tax credit applies to either personal income or corporate taxes. The credit is applicable only to the first 400,000 megawatt-hours of electricity generation in each of 10 consecutive years. To qualify, an energy generator must have a capacity of at least 1 megawatt and be installed before January 2018. Energy generation from all participants combined must not exceed two million megawatt-hours of production annually. Taxpayers cannot claim both the personal and corporate tax credit for the same renewable energy system. |
| Start Date | 7/1/2002 |
| End Date | 1/1/2018 |
| Minimum Efficiency (%) |
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| Additional Information | Senate bill 463 modified the carryover provisions in New Mexico's tax code. For electricity generated prior to October 1, 2007, excess credit can be carried forward for up to 5 years. For electricity generated on or after October 1, 2007, excess credit will be refunded to the taxpayer. |
| Web Site |
http://www.tax.state.nm.us/forms/year03/rpd41227.pdf |
| Additional Web Site |
http://www.dsireusa.org/library/includes/ incentive2.cfm?Incentive_Code=NM02F&state=NM&CurrentPageID=1&RE=1&EE=1 |
| Primary Contact |
Michael McDiarmid P.E. 1220 South Saint Francis Drive Santa Fe, NM 87505 U.S.A. Michael McDiarmid (mmcdiarmid@state.nm.us) (505) 476-3319 (505) 476-3322 |