New Mexico Administrative Code
Title 3 - TAXATION
Chapter 13 - BUSINESS TAX CREDITS
Part 19 - RENEWABLE ENERGY PRODUCTION TAX CREDIT
Section 3.13.19.10 - APPLICATION REVIEW PROCESS

A. The division shall consider applications in the order received, according to the day it receives them, but not the time of day. The division shall give applications it receives on the same day equal consideration. If the division approves applications it received on the same day and they would exceed the overall limit of tax credit availability, then the division shall divide the available credit among those applications on a prorated, per megawatt-hour basis.

B. The division shall approve or reject an application within 30 days following its receipt of the application package, or if the division requires more time it shall notify the applicant of the reason and shall approve or reject the application as soon as possible.

C. The division shall review the application package to determine if the proposed generator will be a qualified energy generator and if the requisite documentation specified in Subsection C of 3.13.19.9 NMAC, above, is valid.

D. The division shall check the accuracy of the applicant's estimated annual production potential and make any necessary adjustments to ensure the potential is reasonably achievable. The limit of the qualified energy generator's energy production eligible for the tax credit for the taxable year shall be the lesser of: the estimate the division approves, or 400,000 megawatt-hours, or the eligible electricity remaining of the 2,000,000 megawatt-hours total for the state.

E. If the division finds that the application package meets the required criteria and tax credit is available, the division shall approve the application. The division shall approve the application by issuing a letter to the applicant, which shall include the limit of the qualified energy generator's annual production eligible for the tax credit.

F. The division shall reject an application that is not complete or correct, does not meet the criteria for approval or fails to meet a required milestone. The division's rejection letter shall state the reasons why it rejected the application. The applicant may resubmit the application package for the rejected project. The division shall place the resubmitted application in the review schedule as if it were a new project.