Solar Market Development Income Tax Credit
AGENCY: Taxation and Revenue Department
DESCRIPTION: As of the 2006 Legislature, a 10% tax credit on the installation and purchase of solar thermal and photovoltaic systems in a residence, business, or agricultural enterprise in New Mexico is allowed; the desire is to encourage the use and development of clean sources of energy.
• Any taxpayer who files an individual New Mexico income tax return for a taxable year beginning after January 1, 2006.
• This credit may not be claimed or allowed for a heating system for a swimming pool or a hot tub, a commercial or industrial photovoltaic system other than an agricultural photovoltaic system on a farm or ranch that is not connected to an electric utility transmission or distribution system. ?
STRUCTURE: Tax credit.
The Energy, Minerals, and Natural Resources Department has adopted rules addressing technical specification and requirements relating to safety, code and standards compliance, solar collector orientation and sun exposure, minimum system sizes, system applications, and lists of eligible components, establishing procedures to provide certification of solar thermal systems and photovoltaic systems for purposes of obtaining a solar market development tax credit.
• The total Solar Market Development Tax Credit allowed for either a photovoltaic system or a solar thermal system shall not exceed $9,000.
• The Department shall allow Solar Market Development Tax Credits only for solar thermal systems and photovoltaic systems certified by The Energy, Minerals, and Natural Resources Department.
• See 7-2-18.14 NMSA.
• Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or ?find paperwork and applications at http://www.state.nm.us/tax/BizPge.htm.
• Call the office of the Secretary at (505)827-0341.
• Also visit the Energy, Minerals, and Natural Resources Department’s homepage at ?http://www.emnrd.state.nm.us/EMNRD/MAIN/index.htm or call (505) 476-3318.
Category: State Incentives, Tax Incentives
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