Last Updated December 5, 2023
Program Overview
Category:
Financial Incentive
State:
New Mexico
Incentive Type:
Sales Tax Incentive
Administrator:
New Mexico Energy, Minerals and Natural Resources Department
Start Date:
07/01/2007
Expiration Date:
N/A
Applicable Sectors:
N/A
Eligible Renewable/Other Technologies:
N/A
Summary
New Mexico has a gross receipts tax structure for businesses instead of a sales tax. Businesses are taxed on the gross amount of their business receipts each year before expenses are deducted. Revenue generated by the sale and installation of solar systems used to provide space heat, hot water, or electricity to the property on which it is installed may be deducted from gross receipts before the gross receipts tax is calculated. Dark-colored water tanks exposed to sunlight, including all equipment necessary for the installation and operation of the water tank as a part of the overall water system of the property, as well as a non-vented trombe wall, including all equipment necessary for the installation and operation of the trombe wall, are also eligible for this tax deduction.