New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.11 - APPLICATIONS FOR ENERGY-CONSERVING PRODUCTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Energy-conserving products shall be energy
				star rated for the location installed and meet the insulation requirements in
				3.3.35.14 NMAC to be
				eligible for the 2021 sustainable building tax credit.
B. Energy-conserving products installed under
				the 2021 sustainable building tax credit shall reduce the energy consumption of
				a residential or commercial building with energy star windows and doors and
				insulation or contribute towards electrification of sustainable buildings with
				energy star heat pump furnaces and water heaters.
C. To obtain the 2021 sustainable building
				tax credit, a taxpayer shall apply for a certificate of eligibility with the
				department using either a department-developed application form or approved
				electronic application system as directed by the division director. An
				applicant may obtain the department-developed application form or access to the
				electronic application system from the department.
D. An application package shall include a
				completed application form and attachments as specified on the application form
				or by the electronic application system. The applicant shall submit the
				application form and required attachments at the same time. An applicant shall
				submit one application package for each project. The applicant shall submit all
				material in the application package on 8½ inch by 11-inch paper or using
				any approved electronic application system provided by the department as
				directed by the division director. If the applicant fails to submit the
				application form and required attachments as directed by the division director,
				the department may consider the application incomplete.
E. An applicant shall submit a complete
				application package to the department no later than February 1 of the year
				following the taxable year for which the applicant seeks the 2021 sustainable
				building tax credit. An applicant may submit an application for
				energy-conserving products installed in 2021 after February 1, 2022. The
				department may review application packages it receives after that date for the
				subsequent calendar year if the tax credit remains in effect.
F. The completed application form shall
				consist of the following information:
(1) the
				applicant's name, mailing address, telephone number, email address and taxpayer
				identification number;
(2) the name
				of the applicant's authorized representative, if any;
(3) the ending date of the applicant's
				taxable year;
(4) the address of
				the building where the energy-conserving products have been installed,
				including the property's legal description;
(5) if applicable, a low-income taxpayer
				declaration confirming annual household adjusted gross income equal to or less
				than two hundred percent of the federal poverty level guidelines published by
				the United States department of health and human services;
(a) the annual update of the poverty
				guideline of the United States department of health and human services as
				published in the federal register shall be the bases for determining
				eligibility;
(b) the taxable year
				prior to the calendar year in which the energy-conserving products were
				purchased and installed shall be used to determine eligibility of the
				low-income taxpayer;
(6)
				if applicable, a statement from the building owner certifying the occupants of
				the commercial or residential building are low-income persons and low-income
				persons, as defined in Paragraph (5) of Subsection F of 3.3.35.11 NMAC,
				continue to reside in the building;
(7) a statement signed and dated by the
				applicant, which may be a form of electronic signature if approved by the
				department, certifying:
(a) all information
				provided in the application package is true and correct to the best of the
				applicant's knowledge under penalty of perjury;
(b) applicant has read the requirements
				contained in 3.3.35 NMAC;
(c)
				applicant understands there are annual caps for the 2021 sustainable building
				tax credit;
(d) applicant
				understands the department must verify the documentation submitted in the
				application package before the department issues a certificate of eligibility
				for a 2021 sustainable building tax credit; and
(e) applicant understands the department
				issues a certificate of eligibility for the taxable year in which the
				energy-conserving products were installed; or if the 2021 sustainable building
				tax credit's annual cap has been reached, for the next taxable year in which
				funds are available;
(8)
				a statement verifying when the installation was complete; and
(9) a statement verifying that the
				application is for an affordable or non-affordable commercial or residential
				sustainable building tax credit.