Form Rpd-41227 - Renewable Energy Production Tax Credit Claim Form Page 3
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5RPD-41227
Rev. 10/11/2012
State of New Mexico - Taxation and Revenue Department
RENEWABLE ENERGY PRODUCTION TAX CREDIT
CLAIM FORM INSTRUCTIONS
Page 1 of 3
ABOUT THIS CREDIT: For tax years beginning on or after
porate or fiduciary tax return and who:
July 1, 2002, a corporate taxpayer who owns a qualified en-
(1) holds title to a qualified energy generator that first pro-
ergy generator is eligible for a tax credit in an amount equal
duced electricity on or before January 1, 2018; or
to one cent ($.01) per kilowatt hour of electricity produced
(2) leases such a facility from a county or municipality under
by the qualified energy generator using a qualified energy
the authority of an industrial revenue bond and if the
resource in the tax year. Taxpayers certified under the old
qualified energy generator first produced electricity on
law are eligible for the tax credit for ten consecutive years,
or before January 1, 2018,
beginning on the date the qualified energy generator begins
may claim all or a portion of the renewable energy produc-
producing electricity, or until either the facility goes out of
tion tax credit.
production for more than six consecutive months in a year
or until the facility's ten-year eligibility has expired. Prior to
A taxpayer may be allocated all or a portion of the right to claim
January 1, 2008, the credit may be deducted from the claim-
the credit without regard to proportional ownership interest if:
ant's New Mexico corporate income tax liability for the tax
1. the taxpayer owns an interest in a business entity that is
year. Use this form to claim the credit.
taxed federally as a partnership,
2. the business entity:
a. would qualify for the renewable energy production tax
LEGISLATIVE CHANGES:
Beginning January 1, 2008, the 2007 New Mexico Legislature
credit,
expanded the credit as follows:
b. owns an interest in a business entity that is also taxed as
• The credit is allowed only for facilities that first produce
a partnership and that would qualify for the renewable
electricity before January 1, 2018.
energy production tax credit; or
• The credit is expanded to include personal income taxpay-
c. owns, through one or more intermediate business entities
that are each taxed as a partnership, an interest in the
ers.
business entity described in the previous
• A variable rate of credit is added for electricity produced
paragraph (b).
using solar energy. The rate starts at 1.5 cents in the first
3. the taxpayer and all other taxpayers allocated a right to
year of operation and increases in increments of 1/2 cent
claim the credit own collectively at least a 5% interest in
each of the next five years, to a maximum of four cents,
a qualified energy generator;
and then will decline by 1/2 cent per year in the next four
4. the business entity provides notice of the allocation and
years to two cents in the tenth year of operation. The 1 cent
the taxpayer's interest to the New Mexico Energy, Minerals
per kilowatt hour rate applies for all other qualified energy
and Natural Resources Department (EMNRD); and
generating facilities.
5. EMNRD certifies the allocation in writing to the taxpayer.
• The definition of biomass was amended to include a variety
of organic materials that are available on a renewable basis
To allocate or apportion the right to claim all or a portion of the
including landfill gas and municipal solid waste.
renewable energy production tax credit, submit an Allocation
• The minimum size of an eligible facility for the credit is
Notice to EMNRD for approval. See the contact information
reduced from 10 megawatts to one megawatt.
for EMNRD at the end of these instructions.
• The maximum amount of electricity that can be certified as
eligible for the credit is increased for solar facilities only.
THE AMOUNT OF THE CREDIT: A taxpayer is eligible for the
An additional 500,000 megawatt hours (MWh) of solar-
renewable energy production tax credit for ten consecutive
generated power -- in addition to the two million MWh from
years beginning with the date the qualified energy generator
wind and biomass power sources -- can be approved for
begins producing electricity. Compute the credit based on
credits.
actual electricity produced for each of the ten years.
• Taxpayers who have received approval for tax credits for
facilities that first produced electricity on or after October
For a qualified energy generator using a wind or biomass
1, 2007, can claim a refund for any credits in excess of their
derived qualified energy resource, the amount of tax credit
tax liability.
is the lesser of $.01 per kilowatt hour of the first 400,000
• The total amount of electricity that can qualify for the corpo-
megawatt hours of electricity produced by the qualified energy
rate and individual income tax credits is two million MWh,
generator in the tax year or the estimated annual production
plus an additional 500,000 MWh for solar facilities.
potential of the generating facility as determined by EMNRD.
The remaining instructions have been modified to include
For a qualified energy generator using a solar light derived or
current law.
solar heat derived qualified energy resource, the amount of
tax credit varies based on the tax year following the date the
WHO MAY CLAIM THE CREDIT: A taxpayer who files a New
generator first produces electricity using the qualified energy
Mexico personal income tax and who is not a dependent of
resource. The chart below shows the amount of tax credit for
another taxpayer or who files a New Mexico personal, cor-
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