New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS
Section 3.4.16.7 - DEFINITIONS

Universal Citation: 3 NM Admin Code 3.4.16.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Annual cap" means the annual total amount of the sustainable building tax credit available to taxpayers owning sustainable residential buildings.

B. "Applicant" means a taxpayer that owns a sustainable residential building in New Mexico and who desires to have the department issue a certificate of eligibility for a sustainable building tax credit.

C. "Application package" means the application documents an applicant submits to the division to receive a certificate of eligibility for a sustainable building tax credit.

D. "Build green New Mexico certification" means the verification by a department-approved verifier, that a building project has met certain prerequisites and performance benchmarks or credits within each category of the build green New Mexico rating system resulting in the issuance of a certification document.

E. "Build green New Mexico rating system" means the certification standards adopted by the homebuilders association of central New Mexico.

F. "Certification" means build green New Mexico certification, LEED certification or energy star qualified.

G. "Certificate of eligibility" means the document, with a unique identifying number that specifies the amount and taxable year for the approved sustainable building tax credit.

H. "Certification level" means one of the following:

(1) LEED-H silver or build green New Mexico silver;

(2) LEED-H gold or build green New Mexico gold; or

(3) LEED-H platinum or build green New Mexico emerald.

I. "Department" means the energy, minerals and natural resources department.

J. "Division" means the department's energy conservation and management division.

K. "Energy reduction requirements" means the sustainable residential building has achieved a HERS index of 60 or lower.

L. "Energy star" means a joint program of the United States environmental protection agency and the United States department of energy that qualifies homes based on a predetermined threshold of energy efficiency.

M. "Energy star qualified manufactured home" means a home that an in state or out of state energy star certified plant has certified as being designed, produced and installed in accordance with energy star's guidelines.

N. "HERS" means home energy rating system as developed by RESNET.

O. "HERS index" means a relative energy use index, where 100 represents the energy use of a home built to a HERS reference house and zero indicates that the proposed home uses no net purchased energy.

P. "LEED" means the most current leadership in energy and environmental design green building rating system guidelines the U. S. green building council developed and adopted.

Q. "LEED certification" means the verification by the U. S. green building council, or a department-approved verifier, that a building project has met certain prerequisites and performance benchmarks or credits within each category of the LEED-H rating system resulting in the issuance of a certification document.

R. "LEED-H" means the LEED rating system for homes.

S. "Manufactured housing" means a multisectioned home that is:

(1) a manufactured home or modular home;

(2) a single-family dwelling with a heated area of at least thirty-six feet by twenty feet and a total area of at least eight-hundred sixty-four square feet;

(3) constructed in a factory to the standards of the United States department of housing and urban development, the National Manufactured Housing Construction and Safety Standards Act of 1974 and the housing and urban development zone code 2 or New Mexico construction codes up to the date of the unit's construction; and

(4) installed consistent with the Manufactured Housing Act and rules adopted pursuant to that act relating to permanent foundations.

T. "Person" does not include state, local government, public school district or tribal agencies.

U. "Qualified occupied square footage" means the occupied spaces of the building as determined by:

(1) the United States green building council for those buildings obtaining LEED certification;

(2) the administrators of the build green New Mexico rating system for those homes obtaining build green New Mexico certification; or

(3) the United States environmental protection agency for energy star certified manufactured homes.

V. "Rating system" means the LEED-H rating system, the build green New Mexico rating system or the energy star program for manufactured housing.

W. "RESNET" means the residential energy services network, an industry not-for-profit membership corporation and national standards making body for building energy efficiency rating systems.

X. "Solar market development tax credit" means the personal income tax credit the state of New Mexico issues to a taxpayer for a solar energy system the department has certified.

Y. "Sustainable building tax credit" means the corporate income tax credit the state of New Mexico issues to an applicant for a sustainable residential building.

Z. "Sustainable residential building" means:

(1) a building used as a single-family residence that meets the energy reduction requirements and has been awarded:
(a) LEED-H certification at the certification level of silver, gold or platinum; or

(b) build green New Mexico certification at the gold certification level; or

(2) an energy star qualified manufactured home.

AA. "Taxable year" means the calendar year or fiscal year upon the basis of which the net income is computed under the Corporate Income and Franchise Tax Act, NMSA 1978, 7-2A-1 et seq.

BB. "Taxpayer" means a corporation subject to the taxes imposed by the Corporate Income and Franchise Tax Act, NMSA 1978, Section 7-2A-1 et seq.

CC. "Tribal" means of, belonging to or created by a federally recognized Indian nation, tribe or pueblo.

DD. "Verifier" means an entity the department approves to provide certifications for homes under the build green New Mexico or LEED-H rating systems.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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