New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS
Section 3.4.17.13 - CALCULATING THE TAX CREDIT

Universal Citation: 3 NM Admin Code 3.4.17.13

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

A. The division calculates the maximum sustainable building tax credit for the non-multi-family commercial buildings based on the qualified occupied square footage of the sustainable commercial building, the LEED rating system under which the applicant achieved LEED certification and the certification level the applicant achieved. The tax credit for various square footages is specified in the chart below:

LEED-NC silver:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $3.50; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.75; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.70

LEED-NC gold:

first 10,000 square

equals the qualified square footage less than or equal to 10,000 multiplied by $4.75; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $2.00; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $1.00

LEED-NC platinum:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $6.25; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $3.25; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $2.00

LEED-EB OR LEED-CS silver:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $2.50; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.25; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.50

LEED-EB OR LEED-CS gold:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $3.35; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.40; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.70

LEED-EB OR LEED-CS platinum:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $4.40; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $2.30; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $1.40

LEED-CI silver:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $1.40; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $.70; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.30

LEED-CI gold:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $1.90; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $.80; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.40

LEED-CI platinum:

first 10,000 square feet

equals the qualified square footage less than or equal to 10,000 multiplied by $2.50; plus

next 40,000 square feet

the qualified square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.30; plus

next 450,000 square feet

the qualified square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.80

B. The division calculates the maximum sustainable building tax credit for multi-family residences 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:

LEED-H silver or build green New Mexico silver:

first 2,000 square feet

equals the qualified square footage less than or equal to 2,000 multiplied by $5.00; plus

next 1,000 square feet

the qualified square footage greater than 2,000 and less than or equal to 3,000 multiplied by $2.50.

LEED-H gold or build green New Mexico gold:

first 2,000 square feet

equals the qualified square footage less than or equal to 2,000 multiplied by $6.85; plus

next 1,000 square feet

the qualified square footage greater than 2,000 and less than or equal to 3,000 multiplied by $3.40.

LEED-H platinum or build green New Mexico emerald:

first 2,000 square feet

equals the qualified square footage less than or equal to 2,000 multiplied by $9.00; plus

next 1,000 square feet

the qualified square footage greater than 2,000 and less than or equal to 3,000 multiplied by $4.45.

C. An applicant may receive both a sustainable building tax credit and a federal tax credit if the applicant is eligible for each tax credit.

D. The taxation and revenue department makes the final determination of the amount of the sustainable building tax credit.

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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