New Mexico Incentives/Policies for Renewables & Efficiency |
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Last DSIRE Review: 08/09/2012
Program Overview:
| State: |
New Mexico |
| Incentive Type: |
Sales Tax Incentive |
| Eligible Renewable/Other Technologies: |
Solar Thermal Electric, Photovoltaics, Geothermal Electric, CHP/Cogeneration, Energy Storage |
| Applicable Sectors: |
Commercial, Construction, Installer/Contractor, Retail Supplier |
| Amount: | 100% of gross receipts from sale and installation of an eligible facility |
| Maximum Incentive: | $60 million |
| Equipment Requirements: | Must be 1 MW-AC or larger |
| Start Date: | 7/1/2010 |
Authority 1:
Date Enacted:
Date Effective:
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N.M. Stat. ยง 7-9-114
3/8/2010
7/1/2010
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Summary:
New Mexico has a gross receipts tax structure for businesses instead of a sales tax. Businesses are taxed on the gross amount of their business receipts each year before expenses are deducted. Revenue generated by the sale and installation of a "qualified generating facility" may be deducted from gross receipts before the gross receipts tax is calculated. The deductions are allowed for a ten year period starting the year construction begins. Qualified generating facilities have a minimum nameplate capacity of 1 megawatt (MW) and include geothermal thermal electric, photovoltaic, solar thermal electric, and recycled energy systems.
To qualify for the exemption, the owner of a qualified generating facility must first obtain a certificate of eligibility from the Department of Environment. The owner must then present the certificate of eligibility to the Taxation and Revenue Department to obtain a nontaxable transaction certificate. The owner must then give the nontaxable transaction certificate to the seller of the equipment. House Bill 440 of 2011 amended this credit to allow it to be claimed on equipment leased in addition to equipment purchased.
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Contact:
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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.
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