New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 28 - SOLAR MARKET DEVELOPMENT TAX CREDIT
Section 3.3.28.10 - APPLICATION REVIEW PROCESS

A. The department shall consider applications in the order received, according to the day they are received, but not the time of day. The department gives applications received on the same day equal consideration. If the department approves applications received on the same day and the applications would exceed the overall limit of state tax credit availability, then the department divides the available state tax credit among those applications on a prorated, net solar energy system cost basis.

B. The division reviews the application package to calculate the state tax credit, checks accuracy of the applicant's documentation and determines whether the department certifies the solar energy system.

C. If the division finds that the application package meets 3.3.28 NMAC's requirements and a state tax credit is available, the department certifies the applicant's solar energy system and documents the taxpayer as eligible for a state tax credit. If a state tax credit is not available in the taxable year of certification of the solar energy system submitted in the application package, the division places the taxpayer on a waiting list for inclusion in the following taxable year, if a state tax credit remains available. The department provides approval through written notification to the applicant. The notification shall include the taxpayer's contact information, social security number, system certification number, net solar energy system cost eligible for the state tax credit, the state tax credit amount and waiting list status, if applicable.

D. The division reports to the taxation and revenue department the information required to verify, process, and distribute each state tax credit by providing a copy of the department's approval notification.

E. The applicant may submit a revised application package to the division. The division shall place the resubmitted application in the review schedule as if it were a new application.

F. The department disapproves an application that is not complete or correct or does not meet the approval criteria. The department's disapproval letter shall state the reasons why the department disapproved the application. The applicant may resubmit the application package for the disapproved project. The division places the resubmitted application in the review schedule as if it were a new application.