New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.13 - CALCULATING THE TAX CREDIT FOR THE 2021 SUSTAINABLE BUILDING TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The department calculates the maximum 2021 sustainable building tax credit
				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.
Sustainable commercial building that is broadband
								ready and electric vehicle ready and is completed after January 1, 2022:
LEED-NC platinum first 10,000 square feet
equals the qualified square footage up to 10,000
								multiplied by $5.25
LEED-NC platinum next 40,000 square feet
equals the qualified square footage greater than
								10,000 up to 40,000 multiplied by $2.25
LEED-NC platinum over 50,000 up to 200,000 square
								feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $1.00
LEED-EB (O&M) or CS platinum first 10,000
								square feet
equals the qualified square footage up to 10,000
								multiplied by $3.40
LEED-EB (O&M) or CS platinum next 40,000 square
								feet
equals the qualified square footage greater than
								10,000 up to 40,000 multiplied by $1.30
LEED-EB (O&M) or CS platinum over 50,000 up to
								200,000 square feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.35
LEED-CI platinum first 10,000 square feet
equals the qualified square footage up to 10,000
								multiplied by $1.50
LEED-CI platinum next 40,000 square feet
equals the qualified square footage greater than
								10,000 up to 40,000 multiplied by $0.40
LEED-CI platinum over 50,000 up to 200,000 square
								feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.30
LEED-NC gold first 10,000 square feet
equals the qualified square footage up to 10,000
								multiplied by $3.00
LEED-NC gold next 40,000 square feet
equals the qualified square footage greater than
								10,000 up to 40,000 multiplied by $1.00
LEED-NC gold over 50,000 up to 200,000 square
								feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.25
LEED-EB (O&M) or CS gold first 10,000 square
								feet
equals the qualified square footage up to 10,000
								multiplied by $2.00
LEED-EB (O&M) or CS gold next 40,000 square
								feet
equals the qualified square footage greater than
								10,000 up to 40,000 multiplied by $1.00
LEED-EB (O&M) or CS gold over 50,000 up to
								200,000 square feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.25
LEED-CI gold first 10,000 square feet
equals the qualified square footage up to 10,000
								multiplied by $0.90
LEED-CI gold next 40,000 square feet
equals the qualified square footage greater than
								10,000 up to 40,000 multiplied by $0.40
LEED-CI gold over 50,000 up to 200,000 square
								feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.10
Additional criteria
fully electric buildings first 50,000 square
								feet
equals the qualified square footage up to 50,000
								multiplied by $1.00
fully electric buildings over 50,000 up to 200,000
								square feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.50
zero carbon, energy, waste or water certified first
								50,000 square feet
equals the qualified square footage up to 50,000
								multiplied by $0.25
zero carbon, energy, waste or water certified over
								50,000 square feet up to 200,000 square feet
equals the qualified square footage greater than
								50,000 up to 200,000 multiplied by $0.10
Renovation of commercial building at least 10 years
								old with at least 20,000 square feet of qualified occupied square footage in
								which temperature is controlled and is broadband and electric vehicle ready
								effective January 1, 2021:
renovation that reduces total energy consumption by
								50% when compared to the most current energy standard for buildings except
								low-rise residential buildings as developed by American society of heating,
								refrigerating and air-conditioning engineers
equals qualified square footage multiplied by $2.25
								up to a maximum of $150,000 per renovation
For the installation of these energy conserving
								products for renovation of sustainable affordable and non-affordable commercial
								buildings less than 20,000 square feet of space in which temperature is
								controlled and is broadband ready effective January 1, 2021:
Product
affordable housing
non-affordable housing
energy star air source heat pump
$2,000 including product and installation costs and
								associated electrical connection costs
$1,000 including product and installation costs and
								associated electrical connection costs
energy star ground source heat pump
$2,000 including product and installation costs and
								associated electrical connection costs
$1,000 including product and installation costs per
								product installed and associated electrical connection costs
energy star windows and doors
one hundred percent of product and installation
								costs up to $1,000
fifty percent of product and installation costs up
								to $500 per product installed
insulation improvements that meet department's
								rules
one hundred percent of product and installation
								costs up to $2,000
fifty percent of product and installation costs up
								to $1,000 per product installed
energy star heat pump water heater
$700 including product and installation costs and
								associated electrical connection costs
$350 including product and installation costs per
								product installed and associated electrical connection costs
electric vehicle ready
one hundred percent of product and installation
								costs up to $3,000 and associated electrical connection costs
fifty percent of product and installation costs up
								to $1,500 per product installed and associated electrical connection
								costs
For construction of a new sustainable residential
								building that is broadband ready and electric vehicle ready and completed after
								January 1, 2022:
LEED-H platinum
equals the qualified square footage up to 2,000
								multiplied by $5.50
LEED-H gold
equals the qualified square footage up to 2,000
								multiplied by $3.80
build green emerald
equals the qualified square footage up to 2,000
								multiplied by $5.50
build green gold
equals the qualified square footage up to 2,000
								multiplied by $3.80
manufactured housing
equals the qualified square footage up to 2,000
								multiplied by $2.00
Additional criteria
fully electric building
equals the qualified square footage up to 2,000
								multiplied by $1.00
zero carbon, energy, waste or water
								certified
equals the qualified square footage up to 2,000
								multiplied by $0.25
For installation of energy conserving products for
								renovation of affordable and non-affordable existing residential buildings
								effective January 1, 2021:
Product
affordable housing and low income
non-affordable housing and non-low income
energy star air source heat pump
$2,000 including product and installation costs
								(per product installed if the applicant is a low- income taxpayer)
$1,000 including product and installation costs per
								product installed
energy star ground source heat pump
$2,000 including product and installation costs
								(per product installed if the applicant is a low-income taxpayer)
$1,000 including product and installation costs per
								product installed
energy star windows and doors
one hundred percent of product and installation
								costs up to $1,000 (per product installed if the applicant is a low-income
								taxpayer)
fifty percent of product and installation costs up
								to $500 per product installed
insulation improvements that meet department's
								rules
one hundred percent of product and installation
								costs up to $2,000 (per product installed if the applicant is a low-income
								taxpayer)
fifty percent of product and installation costs up
								to $1,000 per product installed
energy star heat pump water heaters
$700 including product and installation costs (per
								product installed if the applicant is a low-income taxpayer)
$350 including product and installation costs per
								product installed
electric vehicle ready
$1,000 including product and installation costs
								(per product installed if the applicant is a low-income taxpayer)
$500 including product and installations costs per
								product installed
B.
				Energy conservation products shall meet the specified energy star rating
				performance requirements at the installed location.
energy star zones for New Mexico
south-central zone
Chavez, Dona Ana, Eddy, Hidalgo, Lea, Luna and
								Otero counties
north-central zone
Bernalillo, Cibola, Curry, De Baca, Grant,
								Guadalupe, Lincoln, Quay, Roosevelt, Sierra, Socorro, Union and Valencia
								counties
northern
Catron, Colfax, Harding, Los Alamos, McKinley,
								Mora, Rio Arriba, San Juan, San Miguel, Sandoval, Santa Fe, Taos and Torrance
								counties