New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 30 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.3.30.13 - CALCULATING THE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. The division calculates the maximum
				sustainable building tax credit for non-multi-family commercial buildings based
				on the qualified occupied square footage of the sustainable commercial
				building, the LEED rating system under which the applicant achieved LEED
				certification and the certification level the applicant achieved. The tax
				credit for various square footages is specified in the chart below:
LEED-NC silver:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $3.50; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $1.75; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $.70
LEED-NC gold:
first 10,000 square
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $4.75; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $2.00; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $1.00
LEED-NC platinum:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $6.25; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $3.25; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $2.00
LEED-EB OR LEED-CS silver:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $2.50; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $1.25; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $.50
LEED-EB OR LEED-CS gold:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $3.35; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $1.40; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $.70
LEED-EB OR LEED-CS platinum:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $4.40; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $2.30; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $1.40
LEED-CI silver:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $1.40; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $.70; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $.30
LEED-CI gold:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $1.90; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $.80; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $.40
LEED-CI platinum:
first 10,000 square feet
equals the qualified square footage less than or
							 equal to 10,000 multiplied by $2.50; plus
next 40,000 square feet
the qualified square footage greater than 10,000 and
							 less than or equal to 50,000 multiplied by $1.30; plus
next 450,000 square feet
the qualified square footage greater than 50,000 and
							 less than or equal to 500,000 multiplied by $.80
B.
				The division calculates the maximum sustainable building tax credit for
				multi-family residences 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:
LEED-H silver or build green New Mexico
							 silver:
first 2,000 square feet
equals the qualified square footage less than or
							 equal to 2,000 multiplied by $5.00; plus
next 1,000 square feet
the qualified square footage greater than 2,000 and
							 less than or equal to 3,000 multiplied by $2.50.
LEED-H gold or build green New Mexico gold:
first 2,000 square feet
equals the qualified square footage less than or
							 equal to 2,000 multiplied by $6.85; plus
next 1,000 square feet
the qualified square footage greater than 2,000 and
							 less than or equal to 3,000 multiplied by $3.40.
LEED-H platinum or build green New Mexico
							 emerald:
first 2,000 square feet
equals the qualified square footage less than or
							 equal to 2,000 multiplied by $9.00; plus
next 1,000 square feet
the qualified square footage greater than 2,000 and
							 less than or equal to 3,000 multiplied by $4.45.
C.
				An applicant may receive both a sustainable building tax credit and a federal
				tax credit if the applicant is eligible for each tax credit.
D. The taxation and revenue department makes
				the final determination of the amount of the sustainable building tax
				credit.