Note: The New Mexico state legislature did not extend this tax credit in 2016. The credit will officially expire on December 31, 2016, but the total credit allocation is expected to reach its cap by the end of July 2016. You can check this website to track the amount of credit remaining.
New Mexico provides a 10% personal income tax credit (up to $9,000) for individuals, sole proprietorship businesses (or one that is required or allowed to elect to file taxes using IRS Form 1040), and agricultural enterprises who purchase and install certified photovoltaic (PV) and solar thermal systems. Eligible systems include grid-tied commercial PV systems, off-grid and grid-tied residential PV systems, and (active) solar hot water or hot air systems. To be eligible, systems must first be certified by the New Mexico Energy, Minerals and Natural Resources Department. Note that solar pool or hot tub heaters are not eligible for this tax credit. A taxpayer who installs a PV system and a solar thermal system may be eligible to receive a separate tax credit up to $9,000 for each system.
Credits may be carried forward for a maximum of 10 taxable years until fully expended. Aggregate credit levels are capped annually at $2,000,000 for solar thermal and $3,000,000 for PV systems.
These tax credits are set to expire December 31, 2016.
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