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HB 135: ENERGY EFFICIENT HOME PURCHASE TAX CREDIT

An Act Relating To Taxation; Creating A One-time Short-term Refundable Tax Credit For Purchasers Of Eligible Energy Efficient Homes.

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MILD HB 135
ENERGY EFFICIENT HOME PURCHASE TAX CREDIT

Legislative URL:
HB 135 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
[2] HENRC/HTRC/HAFC-HENRC [11] DP-HTRC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HENRC Committee Report
Fiscal Impact Report
Summary

This measure would create a one-time, short-term income tax credit (or refund) called the “energy efficient home income tax credit” for taxpayers who purchase energy efficient homes that are eligible for the credit. The purpose of the credit is to encourage the construction of new owner-occupied energy efficient homes and the purchase of foreclosed homes that are renovated to high energy efficiency standards.

The tax credit applies only to:

  • single-family residential houses;
  • for which construction began between July 1, 2013 and June 30, 2016; and,
  • taxable years beginning between January 1, 2013 and December 31, 2016.

The bill also provides that:

  • the amount of the credit will be calculated based on the certification level achieved by the home;
  • the credit is $4,000, $6,000 or $8,000 depending on how the home is rated using the HERS index upon certification;
  • a new home must have a HERS index rating of 60 or less to qualify for any of the three credit amounts;
  • a renovated home must be certified as to the percentage of energy reduction due to the renovations and that percentage must be at least 40%;
  • that the credit may be claimed by the homeowner only for the taxable year in which the home was purchased and the application must be submitted within one-year of the end of the calendar year in which the taxpayer purchased the home;
  • if the tax credit is more than the taxpayer’s income tax liability, the difference will be refunded to the taxpayer; and,
  • the credit can only be taken by one homeowner for each home (that is, not a subsequent purchaser if the credit has been used).

The bill sets forth the process for certification and determining and proving eligibility.

Outcome: HB 135 died in the House Taxation and Revenue Committee.

Date of Summary:  1/21/2013; Updated 5/16/13