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New Mexico companies that generate electricity from landfill gas can claim a tax credit of $0.01 per kilowatt-hour against their corporate income tax.
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New Mexico
Corporate Renewable Energy Production Tax Credit
New Mexico companies that generate electricity from wind or biomass (including landfill gas) are provided with a tax credit against the corporate income tax of $0.01 per kilowatt-hour. The credit is applicable to only the first 400,000 megawatt-hours of electricity produced in each of 10 consecutive taxable years. An energy generator must have a minimum capacity of 1 megawatt and must be installed before January of 2018 in order to qualify. Additionally, generators must be certified by the New Mexico Energy, Minerals, and Natural Resources Department, and systems must comply with all applicable performance and safety standards
Taxpayers cannot claim both this corporate tax credit and a separate, personal tax credit for the same renewable energy system.
Excess credit may be carried forward for up to five consecutive taxable years for electricity generated before October 1, 2007. For electricity generated on or after this date, however, excess credit will be refunded to the taxpayer. In this way, project owners with limited tax liability are able to fully utilize the credit.
For More Information
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
505-476-3319
Fax: 505-476-3322
E-mail: mmcdiarmid@state.nm.us
Web site: www.emnrd.state.nm.us/ecmd 
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