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SB 318: SUSTAINABLE ENERGY TECH INVESTMENT TAX CREDIT

An Act Relating To Taxation; Creating The Sustainable Energy Technology Investment Tax Credit.

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MILD SB 318
SUSTAINABLE ENERGY TECH INVESTMENT TAX CREDIT

Legislative URL:
SB 318 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
[4] SCONC/SCORC/SFC-SCONC [12] w/o rec/a-SCORC [24] w/o rec/a-SFC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCONC Committee Report
SCORC Committee Report
Fiscal Impact Report
Summary

This measure creates a “sustainable energy technology investment tax credit” for purposes of the personal and corporate income taxes. The purpose of the credit is “to encourage investment in sustainable energy technology research, development, commercialization and production.” Specifics of the credit include, in part:

  • The credit is not to exceed 25% of a qualified investment of not more than $100,000 of the investment.
  • Any credit that exceeds the taxpayer’s actual income tax liability will not be refunded to the taxpayer and the credit may not be transferred. However, it may be carried forward for three years.
  • When NMTRD has approved $2,000,000 in claims for this credit, the credit will no longer be available.
  • A “qualified business” is one that meets a specified set of requirements set forth in the bill, including that it engage in “qualified research for sustainable energy technology or manufactures existing sustainable energy technology in New Mexico,” has 100 or fewer employees and does not have gross revenues exceeding $5 million.
  • “Sustainable energy technology” is defined as “electrical emissions; heat, wind energy generation technology that: (a) produces minimal or zero carbon (b) uses primarily solar light, solar or geothermal energy as energy sources; and (c) has a long-term production and commercialization potential.”

 

This tax credit proposed in this bill may have the benefit of encouraging additional investment in sustainable energy technology and that research may yield beneficial results.

 

Date of Summary:  1/31/2013