New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 21 - 2015 SUSTAINABLE BUILDING TAX CREDIT
Section 3.4.21.12 - APPLICATION REVIEW PROCESS

A. The department considers applications in the order received, according to the day they are received, but not the time of day.

B. The department approves or disapproves an application package following the receipt of the complete application package. The department disapproves an application that is not complete or correct. The department's disapproval letter shall state the reasons why the department disapproved the application. The applicant may resubmit the application package for the disapproved project. The department places the resubmitted application in the review schedule as if it were a new application.

C. The department reviews the application package to calculate the maximum 2015 sustainable building tax credit, check accuracy of the applicant's documentation and determine whether the department issues a certificate of eligibility for the 2015 sustainable building tax credit.

D. If an applicant has claimed a solar market development tax credit (in effect January 1, 2006, through December 31, 2016) that solar system cannot be used to meet the requirements of either the certification level applied for, or the energy reduction achieved. If an applicant has received a solar market development tax credit for a system that is used to meet the requirements of the certification level applied for or the energy reduction achieved, the department shall disapprove the application for the 2015 sustainable building tax credit. The applicant may submit a revised application package to the department that does not include the electricity projected to be generated by the solar system. The department places the resubmitted application in the review schedule as if it were a new application.

E. If the department finds that the application package meets the requirements and a 2015 sustainable building tax credit is available, the department issues the certificate of eligibility for a 2015 sustainable building tax credit. If a 2015 sustainable building tax credit is partially available or not available, the department issues a certificate of eligibility for any amount that is available and a certificate of eligibility for the balance for the next taxable year except in the last year that the tax credit is in effect. The notification shall include the taxpayer's contact information, taxpayer identification number, certificate of eligibility number or numbers, the rating system certification level awarded to the building, the amount of qualified occupied square footage in the building and calculation of the maximum amount of the 2015 sustainable building tax credit for which the owner would be eligible.