|
Each qualified energy generator may earn an income tax credit of one cent ($.01) per kilowatt-hour for the first four hundred thousand megawatt-hours (=400,000,000 kilowatts) of electricity produced using a qualified energy source for ten consecutive years, beginning with the first year of production. Qualified energy generators are producers with at least ten megawatts generating capacity located in New Mexico that produce electricity using a qualified energy resource and that sell that electricity to an unrelated person. Qualified energy resource means a resource that generates electrical energy by means of a fluidized bed technology (or similar low emissions technology) or zero-emissions generation technology that has substantial long-term production potential and that uses only biomass, solar light, solar heat, or wind.
Advanced Energy Product Manufacturers Tax Credit
Effective July 1, 2007--Manufacturers of advanced energy vehicles, fuel cell systems, renewable energy systems, or any component of an advanced energy vehicle, fuel cell system, or renewable energy system or components for integrated gasification combined cycle coal facilities and equiipment related to the sequestration of carbon from integrated gasification combined cycle plants, may qualify for a tax credit of five percent of the taxpayer's qualified expenditures and may be deducted from the taxpayer's modified combined tax liability. Unused portion of the credit may be carried forward for five years.
|
