New Mexico has enacted legislation, effective July 1, 2007, creating the Advanced Energy Tax Credit which is available against the gross receipts tax, the compensating tax or the withholding tax. The credit may be claimed by a taxpayer who holds an interest in a solar thermal electric generating facility or a repowered coal electric generating facility that begins construction before December 31, 2015. The credit is for 6% of the eligible costs of the facility and may be carried forward for up to 5 years. The maximum credit per facility is $60 million. The facility must meet emission standards in order to qualify for the credit. If the facility fails to meet these standards, its eligibility will be revoked and repayment of the credit will be required. (S.B. 994, Laws 2007, Effective July 1, 2007)