| New Mexico |
Biofuels Production Tax Deduction |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
The cost of purchasing qualified biomass feedstocks to be processed into biofuels, as well as the associated equipment, may be deducted in computing the compensating tax due under the New Mexico Gross Receipts and Compensating Tax Act. For the purpose of this incentive, biofuels include ethanol, methanol, methane, and hydrogen. (Reference New Mexico Statutes 7-9-98)
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| New Mexico |
Alternative Fuel and Advanced Vehicle System Manufacturing Incentive |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
The Alternative Energy Product Manufacturers Tax Credit provides credit against combined reporting taxes (gross receipts, compensating, and withholding) for qualified manufacturers of alternative energy products, including hydrogen and fuel cell vehicle systems, and electric and hybrid electric vehicles. The credit is limited to 5% of qualifying expenditures, and manufacturers must fulfill job creation requirements to be eligible. Qualified manufacturers must apply for and receive approval from the New Mexico Taxation and Revenue Department before they may claim the credit. For more information, including eligibility and application details, refer to the Alternative Energy Product Manufacturers Tax Credit website. (Reference New Mexico Statutes 7-9J-1 through 7-9J-8)
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| New Mexico |
Biodiesel Blending Facility Tax Credit |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
A tax credit is available for up to 30% of the cost of both purchasing and installing equipment used to produce biodiesel blends containing at least 2% biodiesel (B2). The tax credit is limited to $50,000 per facility and is claimed against gross receipts tax or compensating tax. Individuals or organizations must apply for and obtain a certificate of eligibility from the New Mexico Energy, Minerals, and Natural Resources Department before claiming the credit. The credit may be carried forward for four years from the date of the certificate of eligibility. For more eligibility and application details, refer to the Biodiesel Blending Facility Tax Credit website. (Reference New Mexico Statutes 7-9-79.2)
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| New Mexico |
Alternative Fuel Tax Exemption |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
Alternative fuel distributed by or used for federal government, state government, or Indian nation, tribe, or pueblo purposes is exempt from the state excise tax. (Reference New Mexico Statutes 7-16B-5)
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| New Mexico |
Biodiesel Tax Deduction |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
Entities and individuals that receive or manufacture and deliver biodiesel within the state for blending or resale are eligible for a tax deduction for the fuel. (Reference New Mexico Statutes 7-16A-10)
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| New Mexico |
Biodiesel Blending Facility Loading Fee Deduction |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
In calculating the annual petroleum products loading fee, a facility owner may deduct the number of biodiesel gallons delivered to be blended into petroleum products. The total deducted amount must be documented in the tax return associated with the facility in a format the New Mexico Taxation and Revenue Department approves. For more information, see the Conservation & Preservation Tax Credits website. (Reference New Mexico Statutes 7-13A-5)
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| New Mexico |
Electric Vehicle (EV) Charging Station Make-Ready Building Tax Credit |
State Incentives |
X
Type: State Incentives |
Jurisdiction: New Mexico
Commercial buildings may receive a tax credit of up to $1,500 for the purchase and installation of EV charging stations make-ready infrastructure, or up to $3,000 if the infrastructure is in an affordable housing building. To be eligible, buildings may not be larger than 20,000 square feet and must install wiring capable of supporting Level 2 EV charging stations at 10% of parking spaces. This tax credit is available for all taxable years prior to January 1, 2030. Additional restrictions may apply. (Reference New Mexico Statutes 7-2-18.32)
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