Alternative Fuel and Advanced Vehicle System Manufacturing Incentive

Alternative Fuel and Advanced Vehicle System Manufacturing Incentive

Country/State/Province
New Mexico
Incentive
Financial Incentive
Incentive Administrator
New Mexico Taxation and Revenue Department

The Alternative Energy Product Manufacturers Tax Credit provides credit against combined reporting taxes (gross receipts, compensating, and withholding) for qualified manufacturers of alternative energy products, including hydrogen and fuel cell vehicle systems, and electric and hybrid electric vehicles. The credit is limited to 5% of qualifying expenditures, and manufacturers must fulfill job creation requirements to be eligible. Qualified manufacturers must apply for and receive approval from the New Mexico Taxation and Revenue Department before they may claim the credit. For more information, including eligibility and application details, refer to the Alternative Energy Product Manufacturers Tax Creditwebsite. (Reference New Mexico Statutes 7-9J-1 through 7-9J-8)