New Mexico Administrative Code
Title 3 - TAXATION
Chapter 13 - BUSINESS TAX CREDITS
Part 19 - RENEWABLE ENERGY PRODUCTION TAX CREDIT
Section 3.13.19.13 - CLAIMING THE TAX CREDIT

A. To claim the renewable energy production tax credit, a taxpayer shall submit to the New Mexico taxation and revenue department the certificate the department issued to the applicant stating that the facility is an eligible qualified energy generator, a copy of the certificate the department issued to the taxpayer showing the taxpayer's right to claim all or a portion of the tax credit, documentation showing the taxpayer's ownership interest in the qualified energy generator, documentation of the amount of energy the qualified energy generator produced in the taxable year, and any other information the taxation and revenue department may require to determine the amount of the credit due to each taxpayer claiming the credit.

B. If the amount of tax credit the taxpayer claims exceeds the taxpayer's corporate income tax liability, the taxpayer may carry the excess forward for up to five consecutive taxable years.

C. Once the department has certified a facility as a qualified energy generator eligible for the tax credit taxpayers retain the original date of application for tax credits for that facility until either the qualified energy generator is out of production for more than six consecutive months in a year or until the qualified energy generator's 10-year eligibility has expired.