N.M. Admin. Code § 3.3.32.7

Current through Register Vol. 35, No. 20, October 22, 2024

Section 3.3.32.7 - 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 an individual taxpayer or taxpayers who 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 system that uses energy from the ground, water or, ultimately, the sun for distribution of heating, cooling or domestic hot water; that has either a minimum coefficient of performance of three and four-tenths or an efficiency ratio of 16 or greater; and that is installed by an accredited installer certified by the international ground source heat pump association.

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

I. "Accredited installer" means a state of New Mexico licensed contractor who has documentation of successful completion, or has documentation of the installing employees' successful completion, of the "Accredited Installer Workshop" course provided by the international ground source heat pump association.

J. "IGSHPA" means the non-profit organization named the international ground source heat pump association, established in 1987 and as of January 1, 2010, headquartered on the campus of Oklahoma state university in Stillwater, Oklahoma.

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

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

M. "Taxpayer identification number" means the taxpayer's nine digit social security number.

N. "Tax credit" means the New Mexico state tax credit for geothermal ground-coupled heat pumps as described in 3.3.32 NMAC.

N.M. Admin. Code § 3.3.32.7

3.3.32.7 NMAC - N, 9/15/2010