New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				2021 sustainable building tax credit may be claimed for taxable years prior to
				January 1, 2028.
B. A tax credit
				provided in 3.3.35.8 NMAC may not be claimed with respect to the same
				sustainable building under the 2021 sustainable building tax credit provided in
				the Corporate Income and Franchise Tax Act, for which a credit under the 2015
				sustainable building tax credit pursuant to the Income Tax Act or the Corporate
				Income and Franchise Tax Act has already been claimed.
C. A person who is the owner of a building in
				New Mexico constructed to be a sustainable building or permanently installed
				manufactured housing and receives certification on or after January 1, 2022,
				may receive a certificate of eligibility for a 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.
D. A person who is the
				owner of a commercial building having more than 20,000 square feet of
				temperature-controlled space and was built at least 10 years prior to the
				renovation or a building owner who has installed energy conservation products
				in an existing commercial or residential building having less than 20,000
				square feet of temperature-controlled space on or after January 1, 2021, may
				receive a certificate of eligibility for a 2021 sustainable building tax
				credit.
E. The annual total amounts
				in a calendar year of the 2021 sustainable building tax credit pursuant to the
				Income Tax Act and Corporate Income and Franchise Tax Act available to
				taxpayers owning sustainable residential buildings is $2,000,000, for
				sustainable commercial buildings is $1,000,000 and for sustainable manufactured
				housing is $250,000. Any excess funds not used in a taxable year shall not be
				carried forward to subsequent years. When the cap is reached in any category in
				a given year based on all certificates of eligibility the department has
				issued, the department shall:
(1) if part of
				the eligible 2021 sustainable building tax credit is within the annual 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 in a subsequent tax year, except for the last
				taxable year when the 2021 sustainable building tax credit is in
				effect;
(2) issue certificates of
				eligibility to applicants who meet the requirements for the 2021 sustainable
				building tax credit in a taxable year when applications in one sustainable
				building category exceed the annual cap in another sustainable building
				category and other categories are under the annual cap as determined by
				February 1 of any year in which the tax credit is in effect; or
(3) if no 2021 sustainable 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 2021 sustainable building tax credit is in effect.