Category: New Mexico
New Mexico Nonrefundable Credits
New Mexico Nonrefundable Credits
Solar Market Development Tax Credit
A taxpayer who has received certification from the EMNRD (Energy, Minerals and Natural Resources Department) for the purchase and installation of a qualified photovoltaic or solar thermal system in a residence, business or agricultural enterprise in New Mexico owned by that taxpayer may claim the credit. The photovoltaic or solar thermal system must be purchased and installed after January 1, 2006, but before December 31, 2016.
The credit, which may not exceed $9,000, is available for up to 10% of the purchase and installation costs of a qualified photovoltaic or solar thermal system.
Carry Forward for 10 Years: You may carry forward unused credit for a maximum of ten years.
Rural Health Care Practitioners Tax Credit
Beginning January 1, 2007, a taxpayer for whom all of the following are true may be eligible to claim the rural health care practitioners tax credit against a personal income tax liability.
- You file a New Mexico personal income tax return.
- You are not a dependent of another individual.
- You are an eligible health care practitioner.
- You have provided health care services in New Mexico in a rural health care under-served area.
The following are the maximum amounts allowed for the credit you can claim, depending on profession:
- $5,000 for eligible physicians, osteopathic physicians, dentists, clinical psychologists, podiatrists, and optometrists who qualify
- $3,000 for dental hygienists, physician assistants, certified nurse-midwives, certified registered nurse anesthetists, certified nurse practitioners, and clinical nurse specialists who qualify
Hours Required to Qualify
An eligible health care practitioner must have provided health care at a practice site located in an approved rural health care under-served area during a taxable year for at least:
- 2,080 hours to qualify for the full credit amount
- 1,040 hours, but less than 2,080 hours, to qualify for one-half the full credit amount.
How to Apply For This Credit
Before an eligible health care practitioner may claim the rural health care practitioner tax credit, the practitioner apply to the New Mexico DOH (Department of Health) for a certificate of eligibility for the credit. When DOH approves a practitioner, DOH issues a certificate to the qualified eligible health care practitioner.
For More Information
For a copy of location lists and for more information about certification of eligibility, contact DOH at (505) 222-8672 or visit their website at State DOH. The physical address of DOH is 300 San Mateo NE, Suite 900, Albuquerque, NM 87108.
Sustainable Building Tax Credit
A credit is available for the construction in New Mexico of a sustainable building for renovation of an existing building in New Mexico into a sustainable building or for permanent installation of manufactured housing that is a sustainable building, regardless of where the housing is manufactured.
The credit is available for residential and commercial buildings after the construction, installation, or renovation of the sustainable building is complete. To qualify for the tax credit, the building must have achieved a silver or higher certification level in the Leadership in Energy and Environmental Design (LEED) green building rating system or the Build Green NM rating system.
Carry Forward for Seven Years
This credit is not refundable, but you can carry the credit forward for seven years from the tax year when the Department approved the credit.
How to Apply for This Credit
To apply for this credit, follow these steps:
- Contact the New Mexico Energy, Minerals and Natural Resources Department (EMNRD) to certify your eligibility.
- After you receive the certificate of eligibility from EMNRD, promptly complete Form RPD-41327, Sustainable Building Tax Credit Approval.
- Submit RPD-41327 and a copy of the certificate of eligibility to the Department.
For additional information pertaining to these Nonrefundable Tax Credits, please see Form PIT-CR.