New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT
Section 3.3.35.13 - CALCULATING THE TAX CREDIT FOR THE 2021 SUSTAINABLE BUILDING TAX CREDIT
Current through Register Vol. 35, No. 18, September 24, 2024
A. The department calculates the maximum 2021 sustainable building tax credit based on the qualified occupied square footage of the sustainable building, the rating system under which the applicant achieved certification and the certification level the applicant achieved. The tax credit for various square footages is specified in the chart below.
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Sustainable commercial building that is broadband ready and electric vehicle ready and is completed after January 1, 2022: |
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LEED-NC platinum first 10,000 square feet |
equals the qualified square footage up to 10,000 multiplied by $5.25 |
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LEED-NC platinum next 40,000 square feet |
equals the qualified square footage greater than 10,000 up to 40,000 multiplied by $2.25 |
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LEED-NC platinum over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $1.00 |
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LEED-EB (O&M) or CS platinum first 10,000 square feet |
equals the qualified square footage up to 10,000 multiplied by $3.40 |
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LEED-EB (O&M) or CS platinum next 40,000 square feet |
equals the qualified square footage greater than 10,000 up to 40,000 multiplied by $1.30 |
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LEED-EB (O&M) or CS platinum over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.35 |
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LEED-CI platinum first 10,000 square feet |
equals the qualified square footage up to 10,000 multiplied by $1.50 |
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LEED-CI platinum next 40,000 square feet |
equals the qualified square footage greater than 10,000 up to 40,000 multiplied by $0.40 |
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LEED-CI platinum over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.30 |
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LEED-NC gold first 10,000 square feet |
equals the qualified square footage up to 10,000 multiplied by $3.00 |
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LEED-NC gold next 40,000 square feet |
equals the qualified square footage greater than 10,000 up to 40,000 multiplied by $1.00 |
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LEED-NC gold over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.25 |
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LEED-EB (O&M) or CS gold first 10,000 square feet |
equals the qualified square footage up to 10,000 multiplied by $2.00 |
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LEED-EB (O&M) or CS gold next 40,000 square feet |
equals the qualified square footage greater than 10,000 up to 40,000 multiplied by $1.00 |
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LEED-EB (O&M) or CS gold over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.25 |
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LEED-CI gold first 10,000 square feet |
equals the qualified square footage up to 10,000 multiplied by $0.90 |
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LEED-CI gold next 40,000 square feet |
equals the qualified square footage greater than 10,000 up to 40,000 multiplied by $0.40 |
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LEED-CI gold over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.10 |
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Additional criteria |
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fully electric buildings first 50,000 square feet |
equals the qualified square footage up to 50,000 multiplied by $1.00 |
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fully electric buildings over 50,000 up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.50 |
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zero carbon, energy, waste or water certified first 50,000 square feet |
equals the qualified square footage up to 50,000 multiplied by $0.25 |
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zero carbon, energy, waste or water certified over 50,000 square feet up to 200,000 square feet |
equals the qualified square footage greater than 50,000 up to 200,000 multiplied by $0.10 |
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Renovation of commercial building at least 10 years old with at least 20,000 square feet of qualified occupied square footage in which temperature is controlled and is broadband and electric vehicle ready effective January 1, 2021: |
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renovation that reduces total energy consumption by 50% when compared to the most current energy standard for buildings except low-rise residential buildings as developed by American society of heating, refrigerating and air-conditioning engineers |
equals qualified square footage multiplied by $2.25 up to a maximum of $150,000 per renovation |
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For the installation of these energy conserving products for renovation of sustainable affordable and non-affordable commercial buildings less than 20,000 square feet of space in which temperature is controlled and is broadband ready effective January 1, 2021: |
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Product |
affordable housing |
non-affordable housing |
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energy star air source heat pump |
$2,000 including product and installation costs and associated electrical connection costs |
$1,000 including product and installation costs and associated electrical connection costs |
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energy star ground source heat pump |
$2,000 including product and installation costs and associated electrical connection costs |
$1,000 including product and installation costs per product installed and associated electrical connection costs |
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energy star windows and doors |
one hundred percent of product and installation costs up to $1,000 |
fifty percent of product and installation costs up to $500 per product installed |
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insulation improvements that meet department's rules |
one hundred percent of product and installation costs up to $2,000 |
fifty percent of product and installation costs up to $1,000 per product installed |
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energy star heat pump water heater |
$700 including product and installation costs and associated electrical connection costs |
$350 including product and installation costs per product installed and associated electrical connection costs |
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electric vehicle ready |
one hundred percent of product and installation costs up to $3,000 and associated electrical connection costs |
fifty percent of product and installation costs up to $1,500 per product installed and associated electrical connection costs |
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For construction of a new sustainable residential building that is broadband ready and electric vehicle ready and completed after January 1, 2022: |
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LEED-H platinum |
equals the qualified square footage up to 2,000 multiplied by $5.50 |
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LEED-H gold |
equals the qualified square footage up to 2,000 multiplied by $3.80 |
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build green emerald |
equals the qualified square footage up to 2,000 multiplied by $5.50 |
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build green gold |
equals the qualified square footage up to 2,000 multiplied by $3.80 |
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manufactured housing |
equals the qualified square footage up to 2,000 multiplied by $2.00 |
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Additional criteria |
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fully electric building |
equals the qualified square footage up to 2,000 multiplied by $1.00 |
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zero carbon, energy, waste or water certified |
equals the qualified square footage up to 2,000 multiplied by $0.25 |
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For installation of energy conserving products for renovation of affordable and non-affordable existing residential buildings effective January 1, 2021: |
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Product |
affordable housing and low income |
non-affordable housing and non-low income |
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energy star air source heat pump |
$2,000 including product and installation costs (per product installed if the applicant is a low- income taxpayer) |
$1,000 including product and installation costs per product installed |
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energy star ground source heat pump |
$2,000 including product and installation costs (per product installed if the applicant is a low-income taxpayer) |
$1,000 including product and installation costs per product installed |
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energy star windows and doors |
one hundred percent of product and installation costs up to $1,000 (per product installed if the applicant is a low-income taxpayer) |
fifty percent of product and installation costs up to $500 per product installed |
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insulation improvements that meet department's rules |
one hundred percent of product and installation costs up to $2,000 (per product installed if the applicant is a low-income taxpayer) |
fifty percent of product and installation costs up to $1,000 per product installed |
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energy star heat pump water heaters |
$700 including product and installation costs (per product installed if the applicant is a low-income taxpayer) |
$350 including product and installation costs per product installed |
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electric vehicle ready |
$1,000 including product and installation costs (per product installed if the applicant is a low-income taxpayer) |
$500 including product and installations costs per product installed |
B. Energy conservation products shall meet the specified energy star rating performance requirements at the installed location.
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energy star zones for New Mexico |
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south-central zone |
Chavez, Dona Ana, Eddy, Hidalgo, Lea, Luna and Otero counties |
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north-central zone |
Bernalillo, Cibola, Curry, De Baca, Grant, Guadalupe, Lincoln, Quay, Roosevelt, Sierra, Socorro, Union and Valencia counties |
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northern |
Catron, Colfax, Harding, Los Alamos, McKinley, Mora, Rio Arriba, San Juan, San Miguel, Sandoval, Santa Fe, Taos and Torrance counties |
