New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 34 - 2015 SUSTAINABLE BUILDING TAX CREDIT
Section 3.3.34.8 - 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 or is a sustainable residential or sustainable commercial building and that receives certification on or after January 1, 2017, and prior to April 1, 2023, may receive a certificate of eligibility for a 2015 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 in a calendar year of the 2015 sustainable building tax credit pursuant to the Income Tax Act and the Corporate Income and Franchise Tax Act available to taxpayers owning sustainable residential buildings is limited to $3,375,000 for sustainable residential buildings that are not manufactured housing. When the $3,375,000 cap for sustainable residential buildings is reached, based on all certificates of eligibility the department has issued, the department shall:
C. The total amount in a calendar year of the 2015 sustainable building tax credit available pursuant to the Income Tax Act and the Corporate Income and Franchise Tax Act to taxpayers owning sustainable commercial buildings is limited to $1,250,000. When the $1,250,000 limit for sustainable commercial buildings is reached, based on all certificates of eligibility the department has issued, the department shall:
D. In the event of a discrepancy between a requirement of 3.3.34 NMAC and an existing New Mexico taxation and revenue department rule promulgated before 3.3.34 NMAC's adoption, the existing rule governs.
E. All notices and applications required to be submitted to the department under 3.3.34 NMAC shall be submitted to the energy conservation and management division of the department.
F. There is a $375,000 annual cap for sustainable residential buildings that are manufactured housing.