New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 29 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS
Section 3.3.29.8 - GENERAL PROVISIONS
Current through Register Vol. 35, No. 18, September 24, 2024
A. A person who is the owner of a building in New Mexico that has been constructed, renovated or manufactured to be a sustainable residential building and that receives certification on or after January 1, 2007 may receive a certificate of eligibility for a sustainable building tax credit. A subsequent purchaser of a sustainable residential building may receive a certificate if no tax credit has previously been claimed for the building.
B. The annual total amount of the sustainable building tax credit available to taxpayers owning sustainable residential buildings is limited to $4,000,000. When the $4,000,000 cap for sustainable residential buildings is reached, based on all certificates of eligibility the department has issued, the department shall:
C. No more than $1,250,000 of the $4,000,000 annual cap is for manufactured housing.
D. In the event of a discrepancy between a requirement of 3.3.29 NMAC and an existing New Mexico taxation and revenue department rule promulgated before 3.3.29 NMAC's adoption, the existing rule governs.