N.M. Admin. Code § 3.4.21.8

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

Section 3.4.21.8 - GENERAL PROVISIONS

A. A person who is the owner of a building in New Mexico that has been constructed, renovated or manufactured or is a sustainable residential or sustainable commercial building and that receives certification on or after January 1, 2017, and prior to April 1, 2023, may receive a certificate of eligibility for a 2015 sustainable building tax credit. A subsequent purchaser of a sustainable residential building may receive a certificate if no tax credit has previously been claimed for the building.

B. The annual total amount in a calendar year of the 2015 sustainable building tax credit pursuant to the Income Tax Act and the Corporate Income and Franchise Tax Act available to taxpayers owning sustainable residential buildings is limited to $3,375,000 for sustainable residential buildings that are not manufactured housing. When the $3,375,000 cap for sustainable residential buildings is reached, based on all certificates of eligibility the department has issued, the department shall:

(1) if part of an eligible 2015 sustainable residential building tax funds are within the annual residential cap and part is over the annual cap, issue a certificate of eligibility for the amount under the annual cap for the applicable tax year and issue a certificate of eligibility for the balance for the subsequent tax year, except for the last taxable year when the 2015 sustainable building tax credit is in effect;

(2) if no 2015 sustainable residential building tax credit funds are available in a given taxable year, issue a certificate of eligibility for the next subsequent tax year in which funds are available, except for the last taxable year when the 2015 sustainable building tax credit is in effect; or

(3) the department may issue certificates of eligibility to applicants who meet the requirements for the 2015 sustainable residential buildings tax credit in a taxable year when applications for the 2015 sustainable residential buildings tax credit exceed the annual cap, but applications for the 2015 sustainable commercial buildings or manufactured housing tax credits are under the annual cap for that type of sustainable building by February 1 of any year in which the tax credit is in effect.

C. The total amount in a calendar year of the 2015 sustainable building tax credit available pursuant to the Income Tax Act and the Corporate Income and Franchise Tax Act to taxpayers owning sustainable commercial buildings is limited to $1,250,000. When the $1,250,000 limit for sustainable commercial buildings is reached, based on all certificates of eligibility the department has issued, the department shall:

(1) if part of the eligible 2015 sustainable building tax credit is within the annual commercial buildings cap and part is over the annual cap, issue a certificate of eligibility for the amount under the annual cap for the applicable tax year and issue a certificate of eligibility for the balance for the subsequent tax year; or

(2) if no 2015 sustainable commercial building tax credit funds are available, issue a certificate of eligibility for the next subsequent tax year in which funds are available, except for the last taxable year when the 2015 sustainable building tax credit is in effect; or

(3) the department may issue certificates of eligibility to applicants who meet the requirements for the 2015 sustainable building tax credit in a taxable year when applications for the 2015 sustainable commercial buildings tax credits exceed the annual cap and applications for the 2015 sustainable residential buildings or manufactured housing tax credits are under the annual cap for that type of sustainable building by February 1 of any year in which the tax credit is in effect.

D. In the event of a discrepancy between a requirement of 3.4.21 NMAC and an existing New Mexico taxation and revenue department rule promulgated before 3.4.21 NMAC's adoption, the existing rule governs.

E. All notices and applications required to be submitted to the department under 3.4.21 NMAC shall be submitted to the energy conservation and management division of the department.

F. There is a $375,000 annual cap for sustainable residential buildings that are manufactured housing.

N.M. Admin. Code § 3.4.21.8

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