reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.16 NMAC's objective is to establish procedures for
				  administering the program to issue a certificate of eligibility for the
				  sustainable building tax credit for sustainable residential
				  buildings.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Annual cap"
				means the annual total amount of the sustainable building tax credit available
				to taxpayers owning sustainable residential buildings.
B. "Applicant" means a taxpayer that owns a
				sustainable residential building in New Mexico and who desires to have the
				department issue a certificate of eligibility for a sustainable building tax
				credit.
C. "Application package"
				means the application documents an applicant submits to the division to receive
				a certificate of eligibility for a sustainable building tax credit.
D. "Build green New Mexico certification"
				means the verification by a department-approved verifier, that a building
				project has met certain prerequisites and performance benchmarks or credits
				within each category of the build green New Mexico rating system resulting in
				the issuance of a certification document.
E. "Build green New Mexico rating system"
				means the certification standards adopted by the homebuilders association of
				central New Mexico.
F.
				"Certification" means build green New Mexico certification, LEED certification
				or energy star qualified.
G.
				"Certificate of eligibility" means the document, with a unique identifying
				number that specifies the amount and taxable year for the approved sustainable
				building tax credit.
H.
				"Certification level" means one of the following:
(1) LEED-H silver or build green New Mexico
				silver;
(2) LEED-H gold or build
				green New Mexico gold; or
(3)
				LEED-H platinum or build green New Mexico emerald.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A
				person is the owner of a building in New Mexico that has been constructed,
				renovated or manufactured to be a sustainable residential building and that
				receives certification on or after January 1, 2007 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.
B. The annual total amount of the sustainable
				building tax credit available to taxpayers owning sustainable residential
				buildings is limited to $4,000,000. When the $4,000,000 cap for sustainable
				residential buildings is reached, based on all certificates of eligibility the
				department has issued, the department shall:
(1) if part of the eligible 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 for
				the subsequent tax year; or
(2) the
				department may issue certificates of eligibility to applicants who meet the
				requirements for the sustainable residential buildings tax credit in a taxable
				year when applications for the sustainable residential buildings tax credit
				exceed the annual cap and applications for the sustainable commercial buildings
				tax credit are under the annual cap for commercial buildings by April 30 of any
				year in which the tax credit is in effect; or
(3) if no 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 sustainable building tax credit is in effect.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.9 - VERIFIER ELIGIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The division reviews the qualifications for verifiers of the build green New
				Mexico or LEED-H certifications based on the following criteria:
(1) the verifier is independent from the
				homebuilders or homeowners that may apply for certification;
(2) the verifier has adequate staff and
				expertise to provide certification services, including:
(a) experience in green home building
				services;
(b) ability to enlist and
				serve builders and provide training, consulting and other guidance as
				necessary;
(c) a method of auditing
				the certification process to maintain adequate stringency; and
(d) ability to administer the program and
				report on the certifications, audits and other relevant information the
				department may request; and
(3) the verifier can identify the geographic
				area being served; and
(4) the
				verifier provides a statement that expresses a commitment to promoting
				energy-efficient green building with the highest standard of
				excellence.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.11 - 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 application that is not
				complete or correct. 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 division
				places the resubmitted application in the review schedule as if it were a new
				application.
C. The division
				reviews the application package to calculate the maximum sustainable building
				tax credit, check accuracy of the applicant's documentation and determine
				whether the department issues a certificate of eligibility for the sustainable
				building tax credit.
D. If an
				onsite solar system is used to meet the requirements of either the
				certification level applied for in the sustainable building tax credit or the
				energy reduction requirement achieved, the division verifies that no person has
				applied for a solar market development tax credit for that solar system. If the
				division finds that a solar market development tax credit has been approved for
				that solar system, the division shall disapprove the application for the
				sustainable building tax credit. The applicant may submit a revised application
				package to the division. The division places the resubmitted application in the
				review schedule as if it were a new application.
E. If the division finds that the application
				package meets the requirements and a sustainable building tax credit is
				available, the department issues the certificate of eligibility for a
				sustainable building tax credit. If a sustainable building tax credit is
				partially available or not available, the department issues a certificate of
				eligibility for any amount that is available and a certificate of eligibility
				for the balance for the next taxable year, until the last taxable year when the
				sustainable building tax credit is in effect. 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, the sustainable building tax credit amount or amounts and the
				sustainable building tax credit's taxable year or years.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.12 - CALCULATING THE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. The division calculates the sustainable
				building tax credit based on the qualified occupied square footage of the
				sustainable residential 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
energy star manufactured housing:
up to 3,000 square feet
equals the qualified square footage less than or
							 equal to 3,000 multiplied by $3.00.
B.
				An applicant may receive both a sustainable building tax credit and a federal
				tax credit if the applicant is eligible for each tax credit.
C. The taxation and revenue department makes
				the final determination of the amount of the sustainable building tax
				credit.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.13 - CLAIMING THE STATE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. To claim the sustainable building tax
				credit, an applicant shall submit all certificates of eligibility to the
				taxation and revenue department within 30 days of the department's issuance,
				along with a completed form provided by the taxation and revenue department,
				and any other information the taxation and revenue department
				requires.
B. If the amount of the
				sustainable building tax credit the applicant claims exceeds the applicant's
				income tax liability, the applicant may carry the excess forward for up to
				seven consecutive taxable years.
C.
				A taxpayer claiming a sustainable building tax credit shall not claim a tax
				credit pursuant to another law for the same sustainable residential building
				unless the other tax credit is applicable to systems that are unrelated to the
				sustainable building tax credit. In addition, a taxpayer claiming the
				sustainable building tax credit shall not claim the credit for the same
				sustainable building under both the Income Tax Act and the Corporate Income and
				Franchise Tax Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.17 NMAC applies to the application and certification
				  procedures for administration of the sustainable building tax credit for
				  sustainable commercial buildings.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.17 NMAC is established under the authority of NMSA 1978,
				  Section
				  7-2A-21
				  and NMSA 1978, Section
				  9-1-5.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2014, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.17 NMAC's objective is to establish procedures for
				  administering the program to issue a certificate of eligibility for the
				  sustainable building tax credit for sustainable commercial
				  buildings.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Annual cap"
				means the annual aggregate amount of the sustainable building tax credit
				available to taxpayers owning sustainable commercial buildings.
B. "Applicant" means a taxpayer that owns a
				sustainable commercial building in New Mexico and who desires to have the
				department issue a certificate of eligibility for a sustainable building tax
				credit.
C. "Application package"
				means the application documents an applicant submits to the division to receive
				a certificate of eligibility for a sustainable building tax credit.
D. "Build green New Mexico certification"
				means the verification by a department-approved verifier, that a building
				project has met certain prerequisites and performance benchmarks or credits
				within each category of the build green New Mexico rating system resulting in
				the issuance of a certification document.
E. "Build green New Mexico rating system"
				means the certification standards adopted by the homebuilders association of
				central New Mexico.
F. "Building
				project" means a new construction or renovation project that will result in one
				or more sustainable commercial buildings.
G. "Building type" means the primary use of a
				building or section of a building as defined in target finder.
H. "Certificate of eligibility" means the
				document, with a unique identifying number that specifies the amount and
				taxable year for the approved sustainable building tax credit.
I. "Certification level" means one of the
				following:
(1) LEED-H silver or build green
				New Mexico silver;
(2) LEED-H gold
				or build green New Mexico gold; or
(3) LEED-H platinum or build green New Mexico
				emerald.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A
				person who is the owner of a building in New Mexico that has been constructed
				or renovated to be a sustainable commercial building and that receives
				certification on or after January 1, 2007 may receive a certificate of
				eligibility for a sustainable building tax credit.
B. The annual total amount of the sustainable
				building tax credit available to taxpayers owning sustainable commercial
				buildings is limited to $1,000,000. When the $1,000,000 limit for sustainable
				commercial buildings is reached, based on all certificates of eligibility the
				department has issued, the department shall:
(1) if part of the eligible 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 for
				the subsequent tax year; or
(2) if
				no 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 sustainable building tax credit is in
				effect.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.9 - VERIFIER ELIGIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The division reviews the qualification for verifiers of the build green New
				Mexico or LEED-H certifications based on the following criteria:
(1) the verifier is independent from the
				homebuilders or homeowners that may apply for certification;
(2) the verifier has adequate staff and
				expertise to provide certification services, including;
(a) experience in green home building
				services;
(b) ability to enlist and
				serve builders and provide training, consulting and other guidance as
				necessary;
(c) a method of auditing
				the certification process to maintain adequate stringency; and
(d) ability to administer the program and
				report on the certifications, audits and other relevant information the
				department may request;
(3) the verifier can identify the geographic
				area being served; and
(4) the
				verifier provides a statement that expresses a commitment to promoting energy
				efficient green building with the highest standard of excellence.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.11 - 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.
C. The
				division reviews the application package to calculate the maximum sustainable
				building tax credit, check accuracy of the applicant's documentation and
				determine whether the department issues a certificate of eligibility for the
				sustainable building tax credit.
D.
				If an onsite solar system is used to meet the requirements of either the
				certification level applied for in the sustainable building tax credit or the
				energy reduction requirement achieved, the division verifies that no person has
				applied for a solar market development tax credit for that solar system. If the
				division finds that a solar market development tax credit has been approved for
				that solar system, the division disapproves the application for the sustainable
				building tax credit. The applicant may submit a revised application package to
				the division. The division places the resubmitted application in the review
				schedule as if it were a new application.
E. If the division finds that the application
				package meets the requirements and funds for a sustainable building tax credit
				are available, the department issues the certificate of eligibility for a
				sustainable building tax credit. If funds for a sustainable building tax credit
				are partially available or not available, the department issues a certificate
				of eligibility for any amount that is available and a certificate of
				eligibility for the balance for the next taxable year in which funds are
				available, until the last taxable year when the sustainable building tax credit
				is in effect. The department provides approval through written notification to
				the applicant upon the application's completed review. The notification shall
				include the taxpayer's contact information, taxpayer identification number,
				certificate of eligibility number or numbers, the sustainable building tax
				credit maximum amount or amounts and the sustainable building tax credit's
				taxable year or years.
F. The
				department disapproves an application that is not complete or correct. 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 division places the resubmitted application in
				the review schedule as if it were a new application.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.12 - VERIFICATION OF THE ALTERNATIVE METHOD USED FOR THE ENERGY REDUCTION REQUIREMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. In
				the event the sustainable commercial building is a building type that is not
				available in target finder and the applicant uses an alternative method for the
				energy reduction requirement, the division reviews the submitted documentation.
				The following information shall be included:
(1) a narrative describing the methodology
				used;
(2) the kilo British thermal
				units per square foot per year for all buildings, real or modeled, used as a
				basis of comparison, broken out by all energy sources and including the percent
				of use for each energy source; and
(3) all formulas, assumptions, and other
				explanation necessary to clarify how the kilo British thermal units per square
				foot per year for this project was derived.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 17 - SUSTAINABLE BUILDING TAX CREDIT FOR COMMERCIAL BUILDINGS › Section 3.4.17.14 - CLAIMING THE STATE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. To claim the sustainable building tax
				credit for a given year, an applicant shall submit all certificates of
				eligibility to the taxation and revenue department prior to the end of that
				taxable year, along with a completed form provided by the taxation and revenue
				department, and any other information the taxation and revenue department
				requires.
B. If the amount of the
				sustainable building tax credit the applicant claims exceeds the applicant's
				income tax liability, the applicant may carry the excess forward for up to
				seven consecutive taxable years.
C.
				A taxpayer claiming a sustainable building tax credit shall not claim a tax
				credit pursuant to another law for the same sustainable commercial building
				unless the other tax credit is applicable to systems that are unrelated to the
				sustainable building tax credit. In addition, a taxpayer claiming the
				sustainable building tax credit shall not claim the credit for the same
				sustainable building under both the Income Tax Act and the Corporate Income and
				Franchise Tax Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Energy, Minerals and Natural Resources
				  Department.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.19 NMAC applies to the application and certification
				  procedures for administration of the tax credit for geothermal ground-coupled
				  heat pumps.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.19 NMAC is established under the authority of NMSA 1978,
				  Section
				  7-2A-24
				  and NMSA 1978, Section
				  9-1-5.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
09/15/2010, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.19 NMAC's objective is to establish procedures for
				  administering the program to issue a certificate of eligibility for the tax
				  credit for geothermal ground-coupled heat pumps.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Annual cap"
				means the annual aggregate amount of the geothermal ground-coupled heat pump
				tax credit available to individual and corporate taxpayers.
B. "Applicant" means a taxpayer or taxpayers
				that own a geothermal ground-coupled heat pump system in New Mexico and that
				desires to have the department issue a certificate of eligibility for the
				geothermal ground-coupled heat pump tax credit.
C. "Application package" means the
				application document and all attachments that an applicant submits to the
				division to receive a certificate of eligibility for a geothermal
				ground-coupled heat pump tax credit.
D. "Certificate of eligibility" means the
				document, with a unique system certification number, that specifies the amount
				and taxable year for the approved geothermal ground-coupled heat pump tax
				credit.
E. "Department" means the
				energy, minerals and natural resources department.
F. "Division" means the energy, minerals and
				natural resources department's energy conservation and management
				division.
G. "Geothermal
				ground-coupled heat pump system" means a reversible refrigerator device that
				provides space heating, space cooling, domestic hot water, processed hot water,
				processed chilled water or any other application where hot air, cool air, hot
				water or chilled water is required and that utilizes ground water or water
				circulating through pipes buried in the ground as a condenser in the cooling
				mode and an evaporator in the heating mode.
H. "Geothermal ground-coupled heat pump tax
				credit" means the corporate income tax credit that the taxation and revenue
				department issues to an applicant for a geothermal ground-coupled heat pump
				system.
I. "System certification
				number" means the unique number issued by the department that identifies the
				certified geothermal ground-coupled heat pump system.
J. "Taxpayer" means a corporation as defined
				by NMSA 1978, Section
				7-2A-2, subject to
				the tax imposed by the Corporate Income and Franchise Tax Act, NMSA 1978,
				Section
				7-2A-1 et
				seq.
K. "Taxpayer identification
				number" means an 11-digit number the taxation and revenue department issues
				that indicates that the taxpayer is registered with the taxation and revenue
				department to pay gross receipts and compensating taxes.
L. "Tax credit" means the New Mexico state
				tax credit for geothermal ground-coupled heat pumps as described in 3.4.19
				NMAC.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Only a taxpayer who is the owner of a geothermal ground-coupled heat pump
				system that is purchased and is installed in a residence, business or
				agricultural enterprise in New Mexico on or after January 1, 2010, but before
				December 31, 2020 may receive a certificate of eligibility for a tax
				credit.
B. Only one application
				package shall be filed per geothermal ground-coupled heat pump system. If more
				than one taxpayer owns an interest in the property where the geothermal
				ground-coupled heat pump system is installed as a member of a partnership or
				other business association, a taxpayer may only claim a tax credit in
				proportion to that taxpayer's interest in the partnership or association. The
				application package shall specify the interest each taxpayer has in the
				property. In the event that there is more than one taxpayer that owns an
				interest in the property where the geothermal ground-coupled heat pump system
				is installed:
(1) each such taxpayer applying
				for a tax credit must be identified as an applicant on the application
				package;
(2) each such taxpayer
				applying for a tax credit must provide the required taxpayer information as
				required by 3.4.19.9 NMAC and the application form;
(3) each such taxpayer applying for a tax
				credit must sign the application; and
(4) the department shall issue one
				certificate of eligibility per taxpayer that reflects the amount of the tax
				credit to which the taxpayer is entitled in accordance with the taxpayer's
				interest in the property, as set forth in the application.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.9 - APPLICATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. To apply for the
				tax credit an applicant shall submit a complete application package to the
				division. An applicant may obtain the tax credit application form and system
				installation form from the division to submit as part of the package.
B. An application package shall include a
				completed tax credit application form and written attachments for a geothermal
				ground-coupled heat pump system. The applicant shall submit the tax credit
				application form together with all attachments required as a complete
				application package. An applicant shall submit one application package for each
				geothermal ground-coupled heat pump system. All material submitted in the
				application package shall be provided on 8½-inch x 11-inch
				paper.
C. The completed application
				form shall include the following information:
(1) the taxpayer's name, mailing address,
				telephone number and taxpayer identification number;
(2) the address where the geothermal
				ground-coupled heat pump system is located;
(3) the geothermal ground-coupled heat pump
				system's type and description;
(4)
				the date the geothermal ground-coupled heat pump system started continuous
				operation;
(5) the installer's
				name, address, telephone number, license category and license number;
(6) the net cost of equipment, materials and
				labor of the geothermal ground-coupled heat pump system, excluding the expenses
				and income listed in 3.4.19.13 NMAC;
(7) a statement, signed and dated by the
				applicant, which signature may be electronic if approved by the department,
				agreeing that:
(a) all information provided in
				the application package is true and correct;
(b) applicant has read the certification
				requirements contained in 3.4.19 NMAC;
(c) applicant understands that there are
				annual aggregate tax credit limits in place for geothermal ground-coupled heat
				pump systems;
(d) applicant
				understands that the department must approve the application package before the
				applicant is eligible for a tax credit;
(e) applicant agrees to make changes the
				department requires to the geothermal ground-coupled heat pump system for
				compliance with 3.4.19 NMAC; and
(f) to ensure compliance with 3.4.19 NMAC,
				applicant agrees to allow the division or its authorized representative to
				inspect the geothermal ground-coupled heat pump system that is described in the
				application package at any time after the submission of the application package
				with not less than five business days notice to the applicant; and
(8) a system certification number
				the division assigns to the application.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.10 - APPLICATION REVIEW PROCESS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department shall consider applications
				in the order received, according to the day they are received, but not the time
				of day. If the department approves applications received on the same day and
				the applications would exceed the annual cap, then the department will divide
				the available tax credit among those applications on a prorated system cost
				basis.
B. The division shall review
				the application package to calculate the tax credit and check accuracy of the
				applicant's documentation and shall determine whether the department certifies
				the geothermal ground-coupled heat pump system.
C. If an application package fails to meet a
				requirement or is materially incomplete, the department shall disapprove the
				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 division shall place the
				resubmitted application in the review schedule as if it were a new
				application.
D. If the division
				finds that the application package meets 3.4.19 NMAC's requirements and a tax
				credit is available, the department shall certify the applicant's geothermal
				ground-coupled heat pump system and documents the taxpayer as eligible for a
				tax credit. If a tax credit is not available in the taxable year of
				certification of the geothermal ground-coupled heat pump system submitted in
				the application package, the division shall place the taxpayer on a waiting
				list for inclusion in the following taxable year, if a tax credit remains
				available. The department shall provide approval through written notification
				to the applicant. The notification shall include the taxpayer's contact
				information, taxpayer identification number, system certification number, net
				system cost eligible for the tax credit, the tax credit amount and, if
				applicable waiting list status.
E.
				The division shall report to the taxation and revenue department the
				information required to verify, process and distribute each tax credit by
				providing a copy of the department's approval notification.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.11 - SAFETY, CODES AND STANDARDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Geothermal ground-coupled heat pump
				systems that the department may certify shall meet the following minimum
				requirements:
(1) compliance with the latest
				adopted version of all applicable federal, state and local government statutes
				or ordinances, rules or regulations and codes and standards that are in effect
				at the time that the applicant submits the application package including
				design, permitting and installation in full compliance with all applicable
				provisions of the New Mexico Plumbing Code (14.8.2 NMAC), the New Mexico
				Mechanical Codes (14.9.2 - 5 NMAC), the New Mexico General Construction
				Building Codes (14.7.2 - 8 NMAC) and any amendments to these codes adopted by a
				political subdivision that has validly exercised its planning and permitting
				authority under NMSA 1978, Sections
				3-17-6
				and
				3-18-6;
				and
(2) compliance with all
				applicable utility company or heating fuel vendor requirements, if the system
				being served with a geothermal ground-coupled heat pump system is also served
				by utility electricity or a heating fuel.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.12 - SYSTEM APPLICATIONS AND LISTS OF ELIGIBLE COMPONENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Geothermal ground-coupled heat pump
				systems that the department may certify shall meet the following requirements:
(1) be made of new equipment, components and
				materials;
(2) have a written
				minimum two year warranty provided by the contractor on parts, equipment and
				labor with the following exceptions;
(a) the
				warranty provided by the contractor on each specific piece of equipment shall
				not exceed the duration and conditions of the warranty provided by the
				manufacturer of the equipment against defects in materials and workmanship;
				and
(b) the owner of the geothermal
				ground-coupled heat pump system may bear the actual cost of shipping the
				product for the repair and replacement;
(3) be a complete system that collects and
				distributes geothermal energy to the residence, business or agricultural
				enterprise in New Mexico that it serves; and
(4) be a minimum one-ton system
				size.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.13 - CALCULATING THE GEOTHERMAL GROUND-COUPLED HEAT PUMP SYSTEM COST

Current through Register Vol. 35, No. 13, July 16, 2024
A. The cost of a
				geothermal ground-coupled heat pump system the department certifies shall be
				the cost of acquiring the system but shall not include the following:
(1) expenses, including but not limited to:
(a) unpaid labor or the applicant's
				labor;
(b) unpaid equipment or
				materials;
(c) land costs or
				property taxes;
(d) costs of
				structural, surface protection and other functions in building elements that
				would be included in building construction if a geothermal ground-coupled heat
				pump system were not installed;
(e)
				mortgage, lease or rental costs of the residence, business or agricultural
				enterprise;
(f) legal and court
				costs;
(g) research fees or patent
				search fees;
(h) fees for use
				permits or variances;
(i)
				membership fees;
(j) financing
				costs or loan interest;
(k)
				marketing, promotional or advertising costs;
(l) repair, operating or maintenance
				costs;
(m) extended warranty
				costs;
(n) system visual barrier
				costs;
(o) adjacent structure
				modification costs;
(p) vegetation
				maintenance costs; and
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 19 - CERTIFICATION FOR TAX CREDIT FOR GEOTHERMAL GROUND-COUPLED HEAT PUMPS › Section 3.4.19.14 - CLAIMING THE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. To
				claim the tax credit, a taxpayer owning a geothermal ground-coupled heat pump
				system that the department has certified shall submit to the taxation and
				revenue department a claim, which shall consist of the certificate of
				eligibility the department issued to the taxpayer, a completed claim form the
				taxation and revenue department has approved and any other information the
				taxation and revenue department requires.
B. If the amount of tax credit claimed
				exceeds the taxpayer's corporate income tax liability, the taxpayer may carry
				the excess forward for up to 10 consecutive taxable years.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 20 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS › Section 3.4.20.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.20 NMAC applies to the application and certification
				  procedures for administration of the agricultural biomass corporate income tax
				  credit for dairy or feedlot operations.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 20 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS › Section 3.4.20.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.20 NMAC is established under the authority of NMSA 1978,
				  Section 7-2A-26(D) and NMSA 1978, Section
				  9-1-5.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 20 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS › Section 3.4.20.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 29, 2012, unless a later date is cited at the end
				  of a section.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 20 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS › Section 3.4.20.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.20 NMAC's objective is to establish procedures to provide
				  certification of transportation of agricultural biomass to a qualified facility
				  that uses agricultural biomass to generate electricity or make biocrude or
				  other liquid or gaseous fuel for commercial use.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 20 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS › Section 3.4.20.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				agricultural biomass corporate income tax credit is available to taxpayers
				filing a corporate income tax return for taxable years beginning on or after
				January 1, 2011 and ending prior to January 1, 2030. Certificates of
				transportation pursuant to 3.4.20 NMAC may be issued by the department for
				agricultural biomass transported during taxable years beginning on or after
				January 1, 2011 and ending prior to January 1, 2030.
B. The amount of the agricultural biomass
				income tax credit is calculated at $5.00 per wet ton. The maximum amount of the
				annual combined total of all agricultural biomass personal income tax credits
				and all agricultural biomass corporate income tax credits allowed is
				$5,000,000.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 20 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS › Section 3.4.20.10 - APPLICATION REVIEW PROCESS AND CERTIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department shall review the
				application within 30 days of receipt. If the application package complies with
				3.4.20 NMAC, the department will determine the number of wet tons of biomass
				transported, check accuracy of the applicant's documentation and determine
				whether the department is able to certify that the biomass was transported to a
				qualified facility.
B. If an
				application package fails to meet a requirement or is not materially complete,
				the department shall deny the application. The department shall also deny an
				application from which it is unable to determine from the materials presented
				in the application package the tonnage transported to or accepted at a
				qualified facility. The department's disapproval letter shall be issued within
				30 days of the receipt of the application and shall state the reasons why the
				department denied the application.
C. If the department finds that the
				application package meets 3.4.20 NMAC's requirements, the department shall
				certify that the transportation of the biomass to a qualified facility did
				occur and so notify the taxpayer and the taxation and revenue department. The
				certificate shall include the taxpayer's contact information, taxpayer
				identification number, system certification number and the net amount of
				biomass eligible for the tax credit.
D. If the department denies the application,
				the applicant shall have 15 days from the date of denial to petition the
				department secretary for reconsideration. If no petition is received, the
				denial shall be considered final on the 15th day. If
				a petition for reconsideration is received, it shall contain a statement of
				reasons the secretary should reconsider the application and any additional or
				updated material necessary to support that petition. The secretary shall have
				15 days to reconsider and approve the amended application, set the matter for
				an examiner hearing or deny the application. If the secretary has not acted
				within 15 days of receipt of the petition for reconsideration, the denial of
				the original application shall be considered final.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 21 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.4.21.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.21 NMAC applies to the application and certification
				  procedures for administration of the 2015 sustainable building tax credit for
				  sustainable residential buildings, sustainable commercial buildings and
				  manufactured housing. 3.4.21 NMAC only applies to the 2015 sustainable building
				  tax credit.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 21 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.4.21.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.21 NMAC is established under the authority of Sections
				  7-2A-28
				  and Subsection E of Section
				  9-1-5
				  NMSA 1978.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 21 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.4.21.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 8, 2022, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 21 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.4.21.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.21 NMAC's objective is to establish procedures for
				  administering the program to issue a certificate of eligibility for the 2015
				  sustainable building tax credit for sustainable residential buildings,
				  sustainable commercial buildings and manufactured homes.