Protect New Mexico

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SB 014: EXTEND SUSTAINABLE BUILDING TAX CREDIT

An Act Relating To Taxation; Extending The Sustainable Building Tax Credit For Ten Years.

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MILD SB 014
EXTEND SUSTAINABLE BUILDING TAX CREDIT

Legislative URL:
SB 014 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
Signed
Action:
SPREF [1] SCORC/SFC-SCORC [4] DP/a-SFC [40] DNP-CS/DP [44] fl/a- PASSED/S (37-2) [52] HTRC- DP - PASSED/H (67-0) SGND (Apr.1) Ch. 92.
Issue(s):
,

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCORC Committee Report
SFC Committee Report
SFC Committee Substitute
Senate Floor Amendment 1
Final Senate Vote
HTRC Committee Report
Final House Vote
Fiscal Impact Report
Final Version
Summary

The bill extends the availability of the “sustainable building tax credit” by an additional 10 years so that it will expire on December 31, 2023 rather than at the end of 2013. The credit is available to personal or corporate income tax filers. The sustainable building tax credit is available for the construction of sustainable buildings, renovation of buildings into sustainable buildings or the installation of manufactured housing that qualifies as a sustainable building as set forth in current law.

Update: The SFC substitute bill adopted on March 10, 2013 extends the credit for tax years ending through 2016 years and makes substantial changes to the credit including:

  • reduces the aggregate amounts of credit allowed;
  • limits the credit to sustainable residential buildings;
  • changes the number of years over which the credit may be taken; and,
  • puts multifamily dwelling units into the sustainable commercial building category.

 

A concern with the substitute may be that it will limit the effectiveness of the credit in generating additional sustainable building.

Outcome: SB 14 passed the Senate (37-2) and House (67-0), and was signed into law on April 1st, 2013.

Date of Analysis:  1/16/13; Updated 3/11/13; Updated 6/1/13