New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS
Section 3.4.17.7 - DEFINITIONS

Universal Citation: 3 NM Admin Code 3.4.17.7

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

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

B. "Applicant" means a taxpayer that owns a sustainable commercial 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. "Building project" means a new construction or renovation project that will result in one or more sustainable commercial buildings.

G. "Building type" means the primary use of a building or section of a building as defined in target finder.

H. "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.

I. "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.

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

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

L. "Energy reduction requirements":

(1) for a non-multi-family commercial building means beginning January 1, 2012, a 60 percent energy reduction based on the national average for that building type as published by the United States department of energy;

(2) for a multi-family dwelling unit means that it has achieved a home energy rating system index of sixty or lower as developed by the residential energy services network.

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

N. "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.

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

P. "LEED certification" means the U. S. green building council's verification that a building project has met certain prerequisites and performance benchmarks or credits within each category of a LEED rating system resulting in the issuance of a certification document.

Q. "LEED-CI" means the LEED rating system for commercial interiors.

R. "LEED-CS" means the LEED rating system for the core and shell of buildings.

S. "LEED-EB" means the LEED rating system for existing buildings.

T. "LEED-NC" means the LEED rating system for new buildings and major renovations.

U. "LEED rating system" means one of the following:

(1) LEED-CI;

(2) LEED-CS;

(3) LEED-EB; or

(4) LEED-NC.

V. "LEED registration" means the notification to the U. S. green building council that a project is pursuing LEED certification.

W. "Most current" means the LEED rating system available and selected at the time of LEED registration.

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

Y. "Qualified occupied square footage" means the building's occupied spaces as determined by the U. S. green building council for those buildings obtaining LEED certification or the administrators of the build green New Mexico rating system for those homes obtaining build green New Mexico certification.

Z. "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.

AA. "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.

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

CC. "Sustainable commercial building" means one of the following:

(1) a building that is registered with and certified by the U.S. green building council under the LEED-NC, LEED-EB, LEED-CS or LEED-CI rating system at the certification level of silver, gold or platinum and that:
(a) achieves any prerequisite for and at least one point related to commissioning under the "energy and atmosphere" credits of LEED, if included in the applicable rating system; and

(b) has met the energy reduction requirements as substantiated by the United States environmental protection agency target finder energy performance results form, dated no sooner than the schematic design phase of development, or an alternative method the division approved pursuant to 3.4.17.12 NMAC;

(2) a building used as multi-family residences where all dwelling units have met the energy reduction requirements and the building 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 certification level of silver, gold or emerald.

DD. "Target finder" means the web-based program developed by the United States environmental protection agency to establish an energy goal in kilo British thermal units per square foot per year for predetermined building types.

EE. "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.

FF. "Taxpayer" means an individual subject to the tax imposed by the Income Tax Act, NMSA 1978, Section 7-2-1 et seq.

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

HH. "Verifier" means an entity the department approves to provide certification 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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