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New Mexico Sustainable Building Tax
Credit
Thinking about buying a new home?
Did you know that in 2007 the New Mexico State
Legislature passed an incentive called the Sustainable Building Tax
Credit for the private sector to
Build Green?
Below is a list of frequently asked questions that
will help you get started to access these incentives:
Who is eligible?
You are! When you buy any Artistic Home
built after October 31, 2007 and file a New Mexico state income tax
return.
Does it matter how much money I make?
No. Your income has nothing to do with this
program's eligibility; all that really matters is how your new
Artistic Home is built. And we take care of that!
What is Building Green?
Building Green is also known as sustainable
building and high performance building. Artistic Homes has been
a high performance homebuilder for well over 6 years now. By
building under these high Build Green standards, Artistic Homes is
able to balance both the economic needs and the environmental impact
with human health, indoor air quality and comfort, all while
minimizing the energy cost to heat, cool, and operate your home.
What is the New Mexico Sustainable Building Tax
Credit?
New Mexico Senate Bill 463 has the details, but simply stated
this bill was designed to encourage you to design, construct, or buy
an energy-efficient, sustainable building for your residential use,
and then to reward you by giving you an Income Tax Credit based on
the following: the qualified occupied square footage of your
new home, the sustainable building rating achieved by your new home,
and the energy efficiency of your new home.
Who determines if your new home will meet these
sustainable building requirements?
The
New Mexico Energy, Minerals and Natural Resources Department has
developed strict guidelines that must be verified by a third party
throughout the building process to ensure your new Artistic Home
meets or exceeds the requirements for the LEED-H Silver Tax Credit.
In turn these third party verifiers will furnish all the testing
results necessary for your New Mexico Income Tax Credit.
What is a Tax Credit?
It's your right! When you buy any Artistic
Home built after October 31, 2007, your Tax Credit will be a direct
dollar-for-dollar reduction of your New Mexico Income Tax liability
or obligation.
When can I start using my Tax Credit?
Under most circumstances you will be able to use
your Tax Credit on your New Mexico Income tax return the year you
close on your new Artistic Home as long as you have received your
certification number from the State of New Mexico.
How long can I use my Tax Credit?
The procedures set forth by the
New Mexico Energy, Minerals and Natural Resources Department
state that the owner can use all Tax Credits under the amount of
$25,000 until all the credit is gone or for a period up to 7 years.
What is the amount of the Tax Credit I will get
for my new Artistic Home?
The Tax Credit amount depends on which Artistic
Home you purchase and can be as much as $10,600.