New Mexico Administrative Code
Title 3 - TAXATION
Chapter 4 - CORPORATE INCOME TAXES
Part 21 - 2015 SUSTAINABLE BUILDING TAX CREDIT
Section 3.4.21.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
"2015 sustainable building tax credit" means the amendments passed by the legislature in 2021 to the new sustainable building tax credit in the Income Tax Act and the Corporate and Franchise Tax Act. The name of the new sustainable building tax credit was changed to the 2015 sustainable building tax credit.
A. "Annual cap" means the annual total amount of the 2015 sustainable building tax credit available to taxpayers owning sustainable buildings.
B. "Applicant" means a taxpayer who owns a sustainable residential or commercial building or manufactured home in New Mexico and who desires to have the department issue a certificate of eligibility for a 2015 sustainable building tax credit.
C. "Application package" means the documents an applicant submits to the department to apply for a certificate of eligibility for a 2015 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. "Building type" means the primary use of a building or section of a building as defined in target finder.
F. "Certification" means build green New Mexico certification or LEED certification or energy star qualified for manufactured housing.
G. "Certificate of eligibility" means the document with a unique identifying number that specifies the amount and taxable year and specific physical address for the approved 2015 sustainable building tax credit, the system certification level awarded to the building, the amount of qualified occupied square footage, a calculation of the maximum amount of the 2015 sustainable building tax credit for which the owner would be eligible and the date of issuance.
H. "Certification level" means one of the following:
I. "Code official" means the officer or other designated authority charged with the administration and enforcement of the building code.
J. "Department" means the energy, minerals and natural resources department.
K. "Division director" means the director of the department's energy conservation and management division.
L. "Energy reduction requirements means" means has achieved a HERS of 60 or lower for a sustainable residential building; or has reduced energy consumption beginning January 1, 2012, by sixty percent based on the national average for that building type as published by the United States department of energy 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 for a sustainable commercial building.
M. "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 and other requirements.
N. "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.
O. "HERS" means home energy rating system as developed by RESNET.
P. "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.
Q. "LEED certification" means the verification by the United States green building council, or a department-approved verifier, that a building project has met certain prerequisites and performance benchmarks or credits.
R. "Multifamily" means more than one family dwelling such as two-family dwellings, multiple single-family dwellings such as townhouses and buildings three stories or less in height above grade plane.
S. "Not a multifamily dwelling unit that is commercial" mean a single-family unit occupied by a renter or leasee or a work-live unit.
T. "Notice of approval" means that the work complies in all respects with the latest building code and has been approved by the code official.
U. "O&M" means operation and maintenance.
V. "Project completion" means notice of approval of installation of project prior to April 1, 2023. New buildings and renovations of existing buildings and installations shall be completed before April 1, 2023.
W. "Rating system" means the LEED rating system, the build green New Mexico rating system or the energy star program for manufactured housing.
X. "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.
Y. "Solar market development tax credit" means the personal income tax credit the state of New Mexico issued to a taxpayer between January 1, 2006, and December 31, 2016, for a solar energy system the department has certified.
Z. "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.
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, 7-2A-1 et seq. NMSA 1978.
BB. "Taxpayer" means any corporation subject to the tax imposed by the Corporate Income and Franchise Tax Act, 7-2A-1 et seq. NMSA 1978.
CC. "Taxpayer identification number" means the taxpayer's nine-digit social security number or employer identification number provided by a business enterprise.
DD. "Verifier" means an entity the department approves to provide certifications under the build green New Mexico or LEED rating systems.
