N.M. Admin. Code § 3.4.21.13

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

Section 3.4.21.13 - CALCULATING THE TAX CREDIT

A. The department calculates the maximum 2015 sustainable building tax credit for sustainable residential and sustainable commercial buildings that are not multifamily dwelling units based on the qualified occupied square footage of the sustainable commercial building, the LEED rating system under which the applicant achieved LEED certification and the certification level the applicant achieved. The tax credit for various square footages is specified in the chart below.

LEED-NC silver:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $3.50; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.75; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.70
LEED-NC gold:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $4.75; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $2.00; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $1.00
LEED-NC platinum:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $6.25; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $3.25; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $2.00
LEED-EB OR LEED-CS silver:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $2.50; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.25; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.50
LEED-EB OR LEED-CS gold:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $3.35; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.40; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.70
LEED-EB OR LEED-CS platinum:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $4.40; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $2.30; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $1.40
LEED-CI silver:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $1.40; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $.70; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.30
LEED-CI gold:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $1.90; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $.80; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.40
LEED-CI platinum:
first 10,000 square feet	equals the qualified occupied square footage less than or equal to 10,000 multiplied by $2.50; plus
next 40,000 square feet	the qualified occupied square footage greater than 10,000 and less than or equal to 50,000 multiplied by $1.30; plus
next 450,000 square feet	the qualified occupied square footage greater than 50,000 and less than or equal to 500,000 multiplied by $.80

B. The department calculates the maximum 2015 sustainable building tax credit for residential (single family or multifamily) dwelling units based on the qualified occupied square footage of the sustainable building, the rating system under which the applicant achieved certification and the certification level the applicant achieved. The tax credit for various square footages is specified in the chart below.

LEED-H silver or build green New Mexico silver:
up to 2,000 square feet	equals the qualified occupied square footage less than or equal to 2,000 multiplied by $3.00
LEED-H gold or build green New Mexico gold:
up to 2,000 square feet	equals the qualified occupied square footage less than or equal to 2,000 multiplied by $4.50
LEED-H platinum or build green New Mexico emerald:
up to 2,000 square feet	equals the qualified occupied square footage less than or equal to 2,000 multiplied by $6.50
energy star manufactured housing:
up to 2,000 square feet	equals the qualified occupied square footage less than or equal to 2,000 multiplied by $3.00

C. The taxation and revenue department makes the final determination of the amount of the 2015 sustainable building tax credit.

N.M. Admin. Code § 3.4.21.13

Adopted by New Mexico Register, Volume XXVI, Issue 24, December 30, 2015, eff. 12/30/2015, Adopted by New Mexico Register, Volume XXXIII, Issue 03, February 8, 2022, eff. 2/8/2022