Category: State Incentives, Tax Incentives
AGENCY: Taxation and Revenue Department
DESCRIPTION: To encourage a diversification of fuel types, and the use of renewable fuels, the state of New Mexico offers a tax deduction for the materials listed in 7-9-98 NMSA.
ELIGIBILITY: The value of a biomass boiler, gasifier, furnace, turbine-generator, storage facility, feedstock processing or drying equipment, feedstock trailer or interconnection transformer may be deducted in computing the compensating tax due.
• Biomass products are products created from plant or crop based resources such as agricultural crops and crop residues, forestry pastures and rangelands that are normally made from petroleum.
• Biofuels are biomass converted to liquid or gaseous fuels such as ethanol, methanol, methane and hydrogen.
• Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or call the office of the Secretary at (505) 827-0951.