Tax News

CCH (cch.taxgroup.com) reports:

  New Mexico Gov. Bill Richardson has signed legislation that allows the sustainable building credit against corporate income and personal income taxes to be used for manufactured housing, adds new certification levels for credit eligibility, and permits more owners of multifamily dwelling units to qualify for the credit under certain circumstances. A "sustainable building" is a building that has been registered and certified as meeting certain energy efficiency standards under the LEED green building rating system or the building green New Mexico rating system. The amount of the credit is based on the certification level a building has achieved under the appropriate rating system and the amount of occupied square footage in the building. To claim the credit, a building owner must first obtain a certificate of eligibility from the Energy, Minerals and Natural Resources Department (EMNRD).