MILD
SB 566
EFFICIENT COMMERCIAL BUILDING TAX CREDITS
- Legislative URL:
- SB 566 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- - OTHER -
- Action:
- [14] SCORC/SFC-SCORC [24] w/o rec-SFC API.
- Issue(s):
- Energy
Related Legislators
- Bill Sponsor:
- John Sapien
Related Documents
- Downloads:
-
Introduced
SCORC Committee Report
Fiscal Impact Report
Summary
This measure creates an “efficient commercial building income tax credit” for personal and corporate income tax purposes. The purpose of the income tax credit is “to encourage the use of energy efficient technologies in new and existing buildings, reduce energy consumption and costs and promote job and revenue growth.”
A taxpayer who either constructs an efficient commercial building in New Mexico or renovates an existing commercial building to make it energy efficient on or after July 1, 2014 and prior to July 1, 2019 is eligible for the credit. The credit is equal to $1.80 per square foot of “qualified building floor area” and is capped at $5 million/year. Any excess credit over the taxpayer’s income tax liability is not refundable but may be carried forward for five years. The Energy, Minerals and Natural Resources Department is responsible for certifying taxpayer for purposes of obtaining the credit.
The bill provides a detailed definition of “efficient commercial building” that requires implementing measures to reduce the energy costs of the interior lighting, heating, cooling, ventilation and hot water systems of the building.
This bill appears to be a positive step towards encouraging the use of energy efficiency measures in commercial buildings by providing a financial incentive for doing so.
Date of Summary: 2/19/2013