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RPD-41327 State of New Mexico - Taxation and Revenue Department
Rev. 07/01/2015
SUSTAINABLE BUILDING TAX CREDIT APPROVAL
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or other business association, the owner may pass the credit to filed a joint return may each claim only one-half of the sustainable
its member(s), partners(s), shareholder(s), or beneficiary(ies) building credit that would have been allowed on a joint return.
by completing Section II, and submitting a Form RPD-41327,
Sustainable Building Tax Credit Approval, for each member, Effectiveness and Cost of Credit
partner, shareholder, or beneficiary. Members, partners, and Beginning in 2015 and every five years thereafter, TRD presents
beneficiaries may claim a credit only in proportion to their interest annual reports to the Revenue Stabilization and Tax Policy
in the partnership or association, and are issued an approval for Committee and the Legislative Finance Committee with an
their portion of the credit. The total credit claimed in the aggregate analysis of the effectiveness and cost of the tax credit, and
by all members, partners, and beneficiaries of the partnership whether the tax credit is performing the purpose for which it
or other business association with respect to the sustainable was created.
building shall not exceed the amount of the credit that could have
been claimed by a sole owner of the property. If TRD denies the COMPLETING THE CREDIT APPROVAL FORM
approval request, Form RPD-41327 is returned to the building Follow these instructions to complete each section of RPD-41327,
owner with an explanation. Sustainable Building Tax Credit Approval.
Sale, Exchange, or Transfer of the Tax Credit Section I. Complete the name block with the information for the
When a holder or owner receives TRD approval, the credit may eligible building owner.
be sold, exchanged, or otherwise transferred. Form RPD-41342,
Notice of Transfer of Sustainable Building Tax Credit, must be Required to receive the credit:
used to report to TRD a transfer of approved sustainable building • Mark in box to certify the statement
tax credit to another taxpayer. Notice must be provided to TRD • Owner’s signature and date of signature
within 10 days of a sale, exchange, or other transfer. TRD issues • Certificate issued from EMNRD
the new holder an approval for the credit transfer, a new credit
number, and instructions for applying the credit to personal or Section II. If the owner of the qualifying sustainable building is a
corporate income tax due. partnership or other business association passing all or a portion
of the credit to a member, partner, shareholder, or beneficiary,
How You Can Apply the Approved Credit complete this section. If there is more than one member, partner,
Holders or owners can apply the approved sustainable building shareholder, or beneficiary, submit a Form RPD-41327 for each.
tax credit against their personal or corporate income tax liability The building owner, and if applicable, the holder if transferred to
for the tax year subject to the rules described next. If the amount a member, partner, shareholder or beneficiary, must certify that
of the credit available in a tax year exceeds the liability for that the solar market development tax credit, pursuant to Section
tax year, holders or owners can carry forward the excess for up 7-2-18.14 NMSA 1978, has not and will not be claimed for any
to seven years. solar thermal system or photovoltaic system installed in the
sustainable building as a component of qualification for the
Effective January 1, 2014, if the total approved amount of all energy requirements or rating system certification level used
sustainable building tax credits in a tax year is: in determining eligibility for the sustainable building tax credit.
• $100,000 or more, 25% of the total credit amount is applied
against the holder’s personal or corporate income tax liability Required to receive the credit:
in the tax year in which the credit is approved, and 25% in • Mark in box to certify the statement
each of the next three subsequent tax years. • Holder’s signature and date of signature
• Less than $100,000, a maximum of $25,000 is applied against
the holder’s personal or corporate income tax liability for the Section III. TRD completes this section of the form, approving,
tax year in which the credit is approved, and a maximum of partially approving, or disapproving the sustainable building tax
$25,000 for the next three subsequent tax years as needed credit.
until the total credit is applied.
Attach a copy of the certificate of eligibility issued by EMNRD
Prior to January 1, 2014, if the amount of the sustainable building to RPD-41327, Sustainable Building Tax Credit Approval, and
tax credit represented by the TRD approval is $25,000 or more, mail to: Taxation and Revenue Department, Edit Error, P.O. Box
the credit must be applied for the tax year in which the credit 5418, Santa Fe, NM 87502-5418. For assistance completing this
is approved and for the next three subsequent tax years, in form, call (505) 476-0792.
increments of 25% of the total credit amount in each of the four
tax years. If the amount of the sustainable building tax credit IMPORTANT DEFINITIONS
approved by TRD is less than $25,000, the entire amount of Refer to the following definitions to understand the meanings of
the credit may be applied in the tax year in which the credit is terms used in the sustainable building forms and instructions.
approved.
Build Green NM rating system means the certification
In all cases, you may carry forward any excess from a credit that standards adopted by the Homebuilders Association of Central
has been applied for up to seven years. Married individuals who New Mexico.
file separate returns for a taxable year in which they could have LEED means the most current Leadership in Energy and
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