New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS
Section 3.4.19.7 - DEFINITIONS

A. "Annual cap" means the annual aggregate amount of the geothermal ground-coupled heat pump tax credit available to individual and corporate taxpayers.

B. "Applicant" means a taxpayer or taxpayers that own a geothermal ground-coupled heat pump system in New Mexico and that desires to have the department issue a certificate of eligibility for the geothermal ground-coupled heat pump tax credit.

C. "Application package" means the application document and all attachments that an applicant submits to the division to receive a certificate of eligibility for a geothermal ground-coupled heat pump tax credit.

D. "Certificate of eligibility" means the document, with a unique system certification number, that specifies the amount and taxable year for the approved geothermal ground-coupled heat pump tax credit.

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

F. "Division" means the energy, minerals and natural resources department's energy conservation and management division.

G. "Geothermal ground-coupled heat pump system" means a reversible refrigerator device that provides space heating, space cooling, domestic hot water, processed hot water, processed chilled water or any other application where hot air, cool air, hot water or chilled water is required and that utilizes ground water or water circulating through pipes buried in the ground as a condenser in the cooling mode and an evaporator in the heating mode.

H. "Geothermal ground-coupled heat pump tax credit" means the corporate income tax credit that the taxation and revenue department issues to an applicant for a geothermal ground-coupled heat pump system.

I. "System certification number" means the unique number issued by the department that identifies the certified geothermal ground-coupled heat pump system.

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

K. "Taxpayer identification number" means an 11-digit number the taxation and revenue department issues that indicates that the taxpayer is registered with the taxation and revenue department to pay gross receipts and compensating taxes.

L. "Tax credit" means the New Mexico state tax credit for geothermal ground-coupled heat pumps as described in 3.4.19 NMAC.