| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | New Mexico |
| Incentive Type: | Sales Tax Incentive |
| Administrator: | Taxation and Revenue Department |
| Start Date: | 07/01/2010 |
| Eligible Renewable/Other Technologies: | Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics |
| Incentive Amount: | 100% of gross receipts from sale and installation of an eligible facility |
| Maximum Incentive: | $60 million |
| Equipment Requirements: | Solar and Geothermal: 1 Megawatt minimum Recycled Energy: 15 Megawatt maximum |
| Name: | N.M. Stat. § 7-9-114 |
| Date Enacted: | 03/08/2010 |
| Effective Date: | 07/01/2010 |
New Mexico has a gross receipts tax structure for businesses instead of a sales tax. Businesses are taxed on the gross amount of their business receipts each year before expenses are deducted. Revenue generated by the sale and installation of a "qualified generating facility" may be deducted from gross receipts before the gross receipts tax is calculated. The deductions are allowed for a 10-year period starting the year construction begins. Qualified generating facilities have a minimum nameplate capacity of 1 megawatt (MW) and include geothermal thermal electric, photovoltaic, solar thermal electric, and recycled energy systems. Solar facilities with associated renewable energy storage facilities are also eligible.
To qualify for the exemption, the owner of a qualified generating facility must first obtain a certificate of eligibility from the Department of Environment. The owner must then present the certificate of eligibility to the Taxation and Revenue Department to obtain a nontaxable transaction certificate. The owner must then give the nontaxable transaction certificate to the seller of the equipment. This credit can be claimed on equipment leased in addition to equipment purchased.
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A solar PV system is custom-designed for your home. Final solar system price may vary based on your location, monthly utility bill, government incentives and rebates, the condition of your home, and local installation prices. Solar PV system output and estimated savings are calculated based on several factors including product type, system production, geography, weather, shade, electricity use, full utilization of the 30% solar investment tax credit, and utility rate structures and rate increases. Savings on your total electricity costs are not guaranteed. Financing options and terms vary by location, and may not be available in all areas. Solar QC is neither the lender nor the project installer. Solar QC License# 1130591
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