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Advanced Energy Equipment Tax Credit
New Mexico — state program20 percent of qualified equipment costs up to a maximum $25 million per project
Offsets the costs of equipment needed to produce components that qualify under the federal Inflation Reduction Act's 45X provision for solar energy, wind energy, battery manufacturing, and rare earth element production. The credit equals 20 percent of qualified equipment costs up to a maximum of $25 million per project, with a total annual aggregate cap of $25 million in credits certified per calendar year. Applicants must obtain preliminary and final certification from EMNRD before claiming the credit.
Program details
- Type
- tax-credit
- Amount
- 20 percent of qualified equipment costs up to a maximum $25 million per project
- Eligibility
- Businesses or individuals procuring equipment to produce components qualifying under the federal Inflation Reduction Act's 45X provision for solar energy, wind energy, battery manufacturing, and rare earth element production; corporate filers under NMSA 7-2A-19.3 or personal income filers under NMSA 7-2-18.39.
- Status
- open
- Administrator
- Energy, Minerals and Natural Resources Department (EMNRD) in partnership with the Department of Economic Development (EDD)
Source: New Mexico — state program. Confirm current terms with the administering agency before applying.