New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 28 - SOLAR MARKET DEVELOPMENT TAX CREDIT
Section 3.3.28.16 - CALCULATING THE SOLAR ENERGY SYSTEM COST
Universal Citation: 3 NM Admin Code 3.3.28.16
Current through Register Vol. 35, No. 18, September 24, 2024
A. A state tax credit shall be based on the equipment, materials and labor costs of a solar energy system the department has certified.
B. The equipment, materials and labor costs of a solar energy system the department certifies shall be documented in writing.
C. The cost of a solar energy system the department certifies shall be the net cost of acquiring the system and shall not include the following:
(1) expenses, including but not limited to:
(a) unpaid labor or the applicant's
labor;
(b) unpaid equipment or
materials;
(c) land costs or
property taxes;
(d) costs of
structural, surface protection and other functions in building elements that
would be included in building construction if a solar energy system were not
installed;
(e) mortgage, lease or
rental costs of the residence, business or agricultural enterprise;
(f) legal and court costs;
(g) research fees or patent search
fees;
(h) fees for use permits or
variances;
(i) membership
fees;
(j) financing costs or loan
interest;
(k) marketing,
promotional or advertising costs;
(l) repair, operating, or maintenance
costs;
(m) extended warranty
costs;
(n) system resale
costs;
(o) system visual barrier
costs;
(p) adjacent structure
modification costs; and
(q)
vegetation maintenance costs;
(2) income, including:
(a) payments the solar energy system
contractor or other parties provide that reduce the system cost, including
rebates, discounts and refunds with the exception of federal, state and local
government and utility company solar incentives;
(b) services, benefits or material goods the
solar energy system contractor or other parties provide by the same or separate
contract, whether written or verbal; and
(c) other financial incentives provided for
solar energy system installation, if applicable.
D. The division shall make the final determination of the net cost of a solar energy system the department certifies pursuant to 3.3.28 NMAC.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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