New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 22 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.4.22.12 - APPLICATION REVIEW PROCESS

Current through Register Vol. 35, No. 13, July 16, 2024
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 incomplete or incorrect application. 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 2021 sustainable building tax credit, check
				accuracy of the applicant's documentation and determine whether the department
				issues a certificate of eligibility for the 2021 sustainable building tax
				credit.
D. If an applicant has
				claimed a new solar market development income tax credit 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
				new solar market development income tax credit for a system used to meet the
				requirements of the certification level applied for or the energy reduction
				achieved, the department shall disapprove the application for the 2021
				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 the application
				package meets the requirements and a 2021 sustainable building tax credit is
				available, the department issues the certificate of eligibility for a 2021
				sustainable building tax credit as provided in
				3.4.22.8 NMAC. 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, a calculation of the maximum amount of
				2021 sustainable building tax credit for which the owner would be eligible,
				date of issuance and the first and any subsequent taxable year(s) the credit
				shall be claimed.
F. If the
				department finds the application package for energy conservation products meets
				the requirements and a 2021 sustainable building tax credit is available, the
				department issues the certificate of eligibility for a 2021 sustainable
				building tax credit as provided in
				3.4.22.8 NMAC. The
				notification shall include the taxpayer's contact information, taxpayer
				identification number, certificate of eligibility number or numbers,
				energy-conserving product certified, a calculation of the maximum amount of
				2021 sustainable building tax credit for which the owner would be eligible,
				date of issuance and the first and any subsequent taxable year(s) the credit
				shall be claimed.
G. The
				certificate shall state the energy conservation product that is certified and
				that the certificate is for an affordable or non-affordable sustainable
				building project.