Renewable Energy Production Tax Credit (Corporate)

Renewable Energy Production Tax Credit (Corporate)
State: New Mexico

  • Incentive Type: Corporate Tax Credit
  • Eligible Renewable/Other Technologies: Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Municipal Solid Waste, Anaerobic Digestion
  • Applicable Sectors: Commercial, Industrial
  • Amount: $0.01/kWh for wind and biomass
  • $0.027/kWh (average) for solar (see below)
  • Maximum Incentive: Wind and biomass: First 400,000 MWh annually for 10 years (i.e. $4,000,000/year)
  • Solar electric: First 200,000 MWh annually for 10 years (annual amount varies)
  • Statewide cap: 2,000,000 MWh plus an additional 500,000 MWh for solar electric
  • Eligible System Size: Minimum of 1 MW capacity per facility
  • Equipment Requirements: System must be in compliance with all applicable performance and safety standards; generators must be certified by the New Mexico Energy, Minerals, and Natural Resources Department (EMNRD).
  • Carryover Provisions: Prior to 10/1/2007: Excess credit may be carried forward five years
  • After 10/1/2007: Excess credit is refunded to the taxpayer
  • Program Start Date: 7/1/2002
  • Program Expiration Date: 1/1/2018
  • Web Site: http://www.cleanenergynm.org

Contact:

Michael McDiarmid, P.E.
New Mexico Energy, Minerals and Natural Resources Department
Energy Conservation and Management Division
1220 South Saint Francis Drive
Santa Fe, NM 87505
Phone: (505) 476-3319
Fax: (505) 476-3322
E-Mail: mmcdiarmid@state.nm.us
Web Site: http://www.emnrd.state.nm.us/ecmd/.

Public Information
Taxation and Revenue Department
Administrative Services Division – Joseph Montoya Bldg.
1100 South St. Frances Dr
PO Box 630
Santa Fe, NM 87504-0630
Phone: (505) 827-0369
Phone 2: (505) 827-0870
Web Site: http://www.tax.state.nm.us/