Combined Heat and Power Partnership
Renewable Energy Production Tax Credit (Corporate)
|Date Last Updated||11/16/2012|
|Incentive Administrator/Contact Office||New Mexico Energy, Minerals and Natural Resources Department|
|Incentive Initiation Date||7/1/2002|
|Incentive Expiration Date||1/1/2018|
|Incentive Size and Funding Source||The New Mexico Renewable Energy Production Tax Credit provides a tax credit against the corporate income tax of $0.01 per kilowatt-hour for companies that generate electricity from biomass and wind. Companies that generate electricity from solar energy receive a tax incentive that averages $0.027/kWh; it varies annually according to the following scale: |
Total generation from both the corporate and personal tax credit programs combined must not exceed 2 million MWh of production annually. Taxpayers cannot claim both the corporate and the personal tax credit for the same renewable energy system.
For electricity generated prior to October 1, 2007, excess credit may be carried forward for up to 5 consecutive taxable years. For electricity generated on or after October 1, 2007, excess credit shall be refunded to the taxpayer in order to allow project owners with limited tax liability to fully use the credit.
|Eligible Recipient||Companies that generate electricity from a biomass, solar or wind system installed before January 2018.|
|Eligible Fuel||Biogas; Woody Biomass; Landfill Gas; Municipal Solid Waste; Other|
|Eligible Project Size (MW)||1.0 MW or greater|
|Minimum Efficiency Required (%)||Does Not Specify|
|Application Form(s)||Tax Credit Claim Form (PDF) (5 pp, 218K)|