New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 28 - SOLAR MARKET DEVELOPMENT TAX CREDIT
Section 3.3.28.8 - GENERAL PROVISIONS
Current through Register Vol. 35, No. 6, March 26, 2024
A. Only a New Mexico taxpayer having purchased and installed an operating solar energy system the department has certified is eligible for a state tax credit.
B. A corporation shall not be eligible for certification of a solar energy system the corporation owns under 3.3.28 NMAC's requirements. A corporation may install a solar energy system that complies with 3.3.28 NMAC's requirements and sell the solar energy system in a residence, business or agricultural enterprise to a taxpayer. If by this sale the taxpayer becomes the full owner of both the solar energy system and the residence, business or agricultural enterprise, and complies with 3.3.28 NMAC's requirements, that taxpayer is eligible for certification of that solar energy system.
C. A taxpayer owning a solar energy system the department certifies shall locate that system at the residence, business or agricultural enterprise that taxpayer owns. The taxpayer may rent a residence, business or agricultural enterprise that the taxpayer owns to another entity.
D. The annual aggregate amounts of the state tax credit available to taxpayers owning certified solar energy systems is limited to $2,000,000 for solar thermal systems and $3,000,000 for photovoltaic systems per calendar year. When the $2,000,000 limit for solar thermal systems or the $3,000,000 limit for photovoltaic systems is reached based on the total of taxpayers certified, the department will no longer certify taxpayers, but will accept them for future consideration in the next year, except for the last taxable year when the state tax credit is in effect. The division shall keep a record of the order of receipt of all application packages.
E. In the event of a discrepancy between a requirement of 3.3.28 NMAC and an existing New Mexico regulation and licensing department or New Mexico taxation and revenue department rule promulgated prior to 3.3.28 NMAC's adoption, the existing rule shall govern.
