45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO ENERGY; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FROM CERTAIN CLEAN ENERGY DEVICES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

"[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS TAX--ENERGY-EFFICIENT EQUIPMENT AND APPLIANCES.--

A. The following transactions occurring on or after July 1, 2001 and before July 1, 2005 may be deducted from gross receipts:

(1) receipts from selling dishwashers, clothes washing machines and standard-sized refrigerators that meet or exceed the energy star efficiency requirements developed jointly by the federal environmental protection agency and the federal department of energy;

(2) receipts from selling fuel cells that generate electricity and heat using an electrochemical process:

(a) that have an electricity-only generation efficiency of greater than thirty-five percent; and

(b) have a generating capacity of at least two kilowatts;

(3) receipts from selling natural gas water heaters that have an energy factor of .65;

(4) receipts from selling photovoltaic systems; and

(5) receipts from selling solar water heating systems.

B. As used in this section:

(1) "photovoltaic system" means a system that absorbs solar energy and generates electricity through the use of photovoltaic cells and that includes batteries or other electricity storage equipment; and

(2) "solar water heating system" means a system that absorbs solar energy to heat water and that includes an insulated water storage component.