Form RPD-41333 Application for Advanced Energy Tax Credit

Coal based electric generating facility means a new or repowered generating facility and an associated coal gasifica tion facility if any that uses coal to generate electricity and that meets the following specifications: Eligible generation plant costs means expenditures for the development and construction of a qualified generating facility including permitting; site characterization and assess ment; engineering; design; carbon dioxide capture treatment compression transportation and sequestration; site and equipment acquisition; and fuel supply development used directly and exclusively in a qualified generating facility; generating facility (Multiply line 2 by 6% Enter here ) Interest in a qualified generating facility means title to a qualified generating facility; a leasehold interest in a quali fied generating facility; an ownership interest in a business or entity that is taxed for federal income tax purposes as a partnership that holds title to or a leasehold interest in a quali fied generating facility; or an ownership interest through one or more intermediate entities that are each taxed for federal income tax purposes as a partnership in a business that holds title to or a leasehold interest in a qualified generating facility Name plate capacity means the maximum rated output of the facility measured as alternating current or the equivalent direct current measurement Qualified generating facility is a facility that begins con struction no later than December 31 2015 and is: Recycled energy means energy produced by a genera tion unit with a name plate capacity of not more than fifteen megawatts that converts the otherwise lost energy from the exhaust stacks or pipes to electricity without combustion of additional fossil fuel Sequester means to store or chemically convert carbon dioxide in a manner that prevents its release into the atmo sphere and may include the use of geologic formations and enhanced oil coal bed methane or natural gas recovery techniques Solar photovoltaic electric generating facility means an electric generating facility with a name plate capacity of one megawatt or more that uses solar photovoltaic energy to generate electricity Solar thermal electric generating facility means an electric generating facility with a name plate capacity of one megawatt or more that uses solar thermal energy to gener ate electricity including a facility that captures and provides solar energy to a preexisting electric generating facility using other fuels in part the taxpayer and all other taxpayers allocated a right to claim the advanced energy tax credits collectively own at least 5% interest in the qualified generating facility 3 The amount of advanced energy tax credit allowed for the qualified a depreciation schedule that can be reconciled to the schedule of qualified expenditures; and a detailed schedule describing each qualified expen diture and showing the date of purchase and amount expended; a geothermal electric generating facility that begins con struction on or after July 1 2009; a geothermal electric generating facility that begins construction on or after July 1 2009; a new or repowered coal based electric generating facility and an associated coal gasification facility A qualified generating facility is a facility that begins construction not later than December 31 2015 and is: a recycled energy project if that facility begins construc tion on or after July 1 2007; or a recycled energy project if that facility begins construction on or after July 1 2007; or a solar photovoltaic electric generating facility that be gins construction on or after July 1 2009 and that may include an associated renewable energy storage facility; a solar photovoltaic electric generating facility that begins construction on or after July 1 2009 and that may include an associated renewable energy storage facility; a solar thermal electric generating facility that begins construction on or after July 1 2007 and that may include an as sociated renewable energy storage facility; a solar thermal electric generating facility that begins construction on or after July 1 2007 and that may include an associated renewable energy storage facility; A taxpayer claiming the advanced energy tax credit is ineli gible for credits pursuant to the Investment Credit Act or any other credit that may be taken against personal income tax corporate income tax gross receipts tax compensating tax or withholding tax for the same expenditures Adjusted and approved in the amount of $ ADVANCED ENERGY GROSS RECEIPTS AND COM PENSATING TAX DEDUCTION: An interest owner who has been issued a certificate of eligibility from NMED may also be eligible to take a gross receipts or compensating tax deduction for purchases of eligible expenses for the qualified generating facility in lieu of claiming the Advanced Energy Tax Credit See RPD 41349 Advanced Energy Deduction Report for more information ADVANCED ENERGY TAX CREDIT ADVANCED ENERGY TAX CREDIT ADVANCED ENERGY TAX CREDIT APPLICATION all infrastructure required for sequestration is in place by the later of January 1 2017 or 18 months after the commercial operation date of the coal based electric generating facility allocate the right to claim all or a portion of the advanced ALLOCATING THE RIGHT TO CLAIM THE CREDIT: A taxpayer that holds interest in a qualified generating facility may be allocated the right to claim the advanced energy tax credit without regard to the taxpayer s relative interest in the qualified generating facility if: allocations to the taxpayer and all other taxpayers allo cated a right to claim the credit does not exceed 100% of the credit allowed for the qualified generating facility; Approved in the amount of $ captures and sequesters or controls carbon dioxide emis sions so that by the later of January 1 2017 or 18 months after the commercial operation date of the coal based electric generating facility no more than one thousand one hundred pounds per megawat hour of carbon dioxide is emitted into the atmosphere City State ZIP code COLUMN 1 Name and Address of Interest Owner COLUMN 2 Social Security Number/FEIN if applicable COLUMN 3 CRS Identification No if applicable COLUMN 4 Owner s Percentage of Interest COLUMN 5 Owner's Allocated Portion of the Credit COLUMN 6 Describe any differences between the owner s allocated portion of the credit and the owner s portion of the credit if the owner s percentage of interest is applied If you need more space attach on a separate sheet of paper copies of invoices to support the purchases You may be asked to provide the Department with a copy of your federal Form 4562 at the time it is filed with the Internal Revenue Service Copy of the certificate of eligibility issued by the New Mexico Environment Department; CRS 1 return you must file the full page version of the New Mexico CRS 1 Form Complete the CRS 1 Long Form and supplemental forms if any according to the instructions Do not reduce the tax liability on the CRS 1 Long Form to reflect the advanced energy tax credit claimed Instead un derpay the tax liability shown on the return by the amount of tax credit claimed and attach a completed Form RPD 41334 Advanced Energy Tax Credit Claim Form Do not enter a negative number or claim more credit than the tax due shown on the CRS 1 Long Form for the current report period When computing the amount of advanced energy combined reporting tax credit that may be claimed against the gross receipts reported on a return compute the credit at 3 9% of the gross receipts if the taxpayer s business is located in a municipality and 5 125% of the gross receipts if the taxpayer s business location is anywhere else within or outside New Mexico Disapproved Documentation required to determine the amount of ad does not exceed a name plate capacity of 700 net megawatts due shown on Form S Corp The credit cannot be applied against any franchise tax due Eligible generation plant cost must be subject to depre ciation For purposes of the advanced energy tax credit eligible generation plant costs must be subject to deprecia tion Subject to depreciation means the taxpayer s federal income tax return must include a depreciation expense with respect to the eligible generation plant costs for which an advanced energy tax credit is sought or claimed Equipment depreciated under the accelerated cost recovery system Internal Revenue Code Section 168 and property for which the taxpayer makes an election under Internal Revenue Code Section 179 is subject to depreciation emits the lesser of: energy tax credit complete the Notice of Allocation of Right to Claim Advanced Energy Tax Credits attach it to Form RPD 41333 Advanced Energy Tax Credit Application and attach proof that the transferee is eligible for the credit as a taxpayer holding an interest in the qualified generating facility Enter the first and last day of the calendar year in which the qualified expenditures were made: From To (Purchase must be made on or after July 1 2007 to qualify ) (mm/dd/ccyy) (mm/dd/ccyy) FOR DIVISION USE ONLY generating facility described in this application HOW TO APPLY FOR THIS CREDIT: A qualified generating facility or an interest owner on behalf of the qualified gen erating facility must apply for a certificate of eligibility from the New Mexico Environment Department (NMED) before applying to obtain approval to claim the advanced energy tax credit (advanced energy income tax credit advanced energy corporate income tax credit and the advanced energy com bined reporting tax credit) NMED determines if the facility is a qualified generating facility and issues a certificate within 180 days after receiving all information necessary to determine eligibility Fees will apply but may not exceed $150 000 For assistance in obtaining a certificate of eligibility and applicable fees call (505) 476 4334 or write: HOW TO CLAIM THIS CREDIT: To claim approved ad vanced energy tax credits you must attach a completed Form RPD 41334 Advanced Energy Tax Credit Claim Form to the return to which you wish to apply the credit The credit may not exceed the tax liability due on the return Excess advanced energy tax credits can then be carried forward for up to ten years and can be applied to any com bination of personal or corporate income tax gross receipts tax compensating tax or withholding tax due the claimant I CERTIFY THAT: Check all that apply You must be able to certify all of the following statements Expenditures included in this claim have not and will not be used for credits pursuant to the Investment Credit Act or any other credit against personal or corporate income tax compensating tax gross receipts tax or withholding tax I declare that I have examined this application including any accompanying schedules and attachments and to the best of my knowledge and belief it is true correct and complete If completing the Notice of Allocation of the Right to Claim the Approved Credit attach proof that the taxpayers named on the notice are eligible for the credit as taxpayers holding an interest in the qualified generating facility If the New Mexico Environment Department (NMED) issues a certificate of eligibility to a taxpayer stating that the facility is a qualified generating facility and the taxpayer does not sequester or control carbon dioxide emissions to the extent required by January 1 2017 or 18 months after the com mercial operation date of the qualified generating facility the taxpayer s certification as a qualified generating facility shall be revoked by NMED and the taxpayer shall refund to the state tax credits granted If the taxpayer demonstrates to the NMED that the taxpayer made every effort to sequester or control carbon dioxide emissions to the extent feasible and the facility s inability to meet the sequestration requirements of a qualified generating facility was beyond the facility s control NMED shall determine after a public hearing the amount of the tax credit that should be refunded NMED in its determination shall consider the environmental perfor mance of the facility and the extent to which the inability to meet the sequestration requirements of a qualified generat ing facility was in the control of the taxpayer The refund as determined by NMED shall be paid within 180 days following a final order by NMED IMPORTANT DEFINITIONS: includes methods and procedures to monitor the disposi tion of the carbon dioxide captured and sequestered from the coal based electric generating facility and INSTRUCTIONS INSTRUCTIONS Mail Form RPD 41333 Advanced Energy Tax Credit Application and all required attachments to: Taxation and Revenue Department Director s Office P O Box 8485 Albuquerque New Mexico 87198 8485 For assistance completing this form call (505) 383 0184 or (505) 383 0177 Mail the return and the claim form RPD 41334 to the ad dress on the Form CRS 1 CIT 1 S Corp or FID 1 to which you wish to apply the credit For assistance call (505) 476 3683 Mark the box to indicate the documentation is attached: Name of contact person Telephone number ( ) Name of qualified generating facility Name of qualified generating facility Page of New Mexico CRS identification number FEIN or SSN New Mexico Environment Department Permit Programs Manager NMED Air Quality Bureau 1301 Siler Road Bldg B Santa Fe New Mexico 87507 3113 ninety percent of the mercury from the input fuel; NOTICE OF ALLOCATION OF RIGHT TO CLAIM ADVANCED ENERGY TAX CREDITS Once approved the qualified generating facility or other approved interest owners may use Form RPD 41334 Advanced Energy Tax Credit Claim Form to claim the credit against tax due If the credit amount exceeds the taxpayer s liability the excess can be carried forward for up to ten years Once NMED issues a certificate the claimant may submit a completed Form RPD 41333 Advanced Energy Tax Credit Application to the Taxation and Revenue Department (TRD) for approval The certificate of eligibility must be attached to the application along with information required to determine the amount of allowable advanced energy tax credits The application must be submitted within one year following the end of the calendar year in which the eligible generation plant costs are incurred TRD will issue an approval for the credit and the claimant may then use Form RPD 41334 Advanced Energy Tax Credit Claim Form to claim the credit against personal or corporate income taxes gross receipts compen sating or withholding taxes due to the State of New Mexico Page 1 of 2 Page 1 of 3 Page 2 of 2 Page 2 of 3 Page 3 of 3 Physical address Purpose of Form A qualified electricity generating facility located in New Mexico may be eligible to apply for and claim the advanced energy tax credit (advanced energy income tax credit advanced energy corporate income tax credit and the advanced energy combined reporting tax credit) The credit may be applied against corporate or personal income tax due compensating tax withholding tax or gross receipts tax due to New Mexico The amount of the credit is 6% of the eligible generation plant costs See the instructions for important definitions The aggregate amount of tax credit that may be claimed with respect to a qualified generating facility is limited to $60 000 000 Reason for adjustment/disapproval RECAPTURE: removes the greater of: Schedule of eligible generation plant costs Attach a detailed schedule describing each eligible expenditure and showing the date of purchase and amount expended Provide a depreciation schedule that can be reconciled to the schedule of qualified expenditures Include copies of invoices to support your purchases You may be asked to provide the Department with a copy of your federal Form 4562 at the time it is filed with the IRS Section 1 Qualified Generating Facility Information Section 2 Computation of the Advanced Energy Tax Credit Section 3 Required Attachments Section 4 Certifications Signature of taxpayer or agent Title Date State of New Mexico Taxation and Revenue Department State of New Mexico Taxation and Revenue Department State of New Mexico Taxation and Revenue Department Subtotal for this page Total for all pages Taxpayers eligible to claim an advanced energy tax credit holding less than 100% of the interest in the qualified gen erating facility shall designate an individual to submit the application the eligible generation plant costs incurred dur ing the calendar year and the relative interest of those costs attributed to each eligible interest holder Any changes to the apportioned interest must be reported to the Department To than the corporate income tax due and withholding tax the business entity making the allocation provides notice of the allocation and the taxpayer s interest in the quali fied generating facility to the Department; the certificate of eligibility issued by NMED; The generating facility continues to meet the criteria as a qualified generating facility The New Mexico Environment Department has not revoked the certification for the generating facility to which this credit is claimed The taxpayer (claimant) was eligible to claim the credit during the period in which the qualified expenditures were incurred Claimants holding less than 100% interest in the qualified generating facility see Allocating the Right to Claim the Credit The value of eligible generation plant costs for the qualified thirty five thousandths pound per million British ther mal units of sulfur dioxide twenty five thousandths pound per million British thermal units of oxides of nitrogen and one hundredth pound per million British thermal units of total particulates in the flue gas; This application for Advanced Energy Tax Credit was reviewed by the Taxation and Revenue Department and was: To claim approved advanced energy tax credit against Form PIT 1 attach a completed Form RPD 41334 Advanced En ergy Tax Credit Claim Form to Form PIT 1 New Mexico Personal Income Tax Return or to Form FID 1 New Mexi co Fiduciary Income Tax Return Enter the amount of credit claimed against the current return on Schedule PIT CR or FID CR Do not claim more credit than the tax due shown on Form PIT 1 or FID 1 A husband and wife who file sepa rate returns for a tax year in which they could have filed a joint return may each claim only one half of the advanced energy income tax credit that would have been allowed on a joint return To claim approved advanced energy tax credit against Forms CIT 1 or S Corp attach a completed Form RPD 41334 Advanced Energy Tax Credit Claim Form to Form CIT 1 New Mexico Corporate Income and Franchise Tax Return or to Form S Corp New Mexico Subchapter S Cor porate Income and Franchise Tax Return Enter the amount of credit claimed against the current return on Schedule CIT CR or S Corp CR Do not claim more credit than the corporate income tax due shown on Form CIT 1 or more To claim approved advanced energy tax credit against the To obtain approval submit a completed Form RPD 41333 Advanced Energy Tax Credit Application a certificate of eligibility issued by the New Mexico Environment Department and other information the Taxation and Revenue Department requires to determine the amount of tax credit allowed See Section 3 The application must be submitted within one year following the end of the calendar year in which the eligible generation plant costs are incurred The right to claim the credit may be allo cated to other taxpayers who are interest owners in the qualified generating facility The Notice of Allocation of Right to Claim Advanced Energy Tax Credits is required to be attached to Form RPD 41333 to allocate the credit to interest owners Value of eligible generation plant costs The value of eligible generation plant costs is the adjusted basis estab lished for the qualified generating facility under the applicable provisions of the Internal Revenue Code of 1986 vanced energy tax credit allowed includes but is not limited to: what is achievable with the best available control technology or