Category: State Incentives, Tax Incentives
AGENCY: Taxation and Revenue Department
DESCRIPTION: The Blended Biodiesel Fuel Tax Credit provides a credit against income tax due on a return for each gallon of blended biodiesel fuel on which a special use excise tax was paid in the taxable year or would have been paid but for certain deductions.
ELIGIBILITY: A taxpayer who is required to pay the special fuel excise tax and who files a New Mexico personal or corporate income tax return may qualify. The taxpayer must be a registered supplier who files form RPD-41306, Combined Fuel Tax Report, reporting qualifying biodiesel fuel receipts
• Unused blended biodiesel fuel tax credit may be carried forward for five years from the date eligibility was granted.
• For purposes of this credit, biodiesel means renewable, biodegradable, monoalkyl ester combustible liquid fuel that is derived from agricultural plant oils or animal fats, and meets the American Society for testing and materials D6751 standard specification for biodiesel B100 blend stock for distillate fuels.
• Blended biodiesel fuel eligible for this tax credit is fuel containing at least 2% biodiesel.
• 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.