How to Claim New Mexico Solar Tax Credit


Annie1090

Uploaded on Dec 11, 2024

Category Business

To claim the New Mexico Solar Tax Credit, follow these steps: Install a Qualified Solar System: Ensure your solar energy system is installed by a certified contractor and meets all state requirements. Both photovoltaic and solar thermal systems qualify. Obtain Certification: After installation, apply for certification through the New Mexico Energy, Minerals, and Natural Resources Department (EMNRD). Submit proof of installation, system cost, and any other required documentation. Certification is essential to claim the tax credit. File Your Taxes: When filing your New Mexico state income tax return, include Form RPD-41317 to claim the credit. Attach a copy of the certification issued by EMNRD. Credit Details: The tax credit covers up to 10% of the system cost, with a maximum limit of $6,000. If the credit exceeds your tax liability, the excess can roll over for up to five years.

Category Business

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