HOUSE BILL 216

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Roberto "Bobby" J. Gonzales

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX CREDIT FOR THE PURCHASE OF CERTAIN ENERGY-EFFICIENT APPLIANCES AND EQUIPMENT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] CREDIT FOR ENERGY-EFFICIENT HEATING, VENTILATING AND COOLING EQUIPMENT.--

          A. A taxpayer who files an individual income tax return and who is not a dependent of another taxpayer is eligible for a tax credit for energy-efficient heating, ventilating and cooling equipment installed in the taxpayer's residence in New Mexico in the taxable year in which the credit is claimed in the following amounts for the following equipment:

                (1) seventy-five dollars ($75.00) for a furnace or hot water boiler that has an annual fuel utilization efficiency of at least ninety-five percent;

                (2) one hundred fifty dollars ($150) for an electric heat pump water heater that has an energy factor of at least two;

                (3) one hundred fifty dollars ($150) for an electric heat pump that has a heating seasonal performance factor of at least nine, a seasonal energy-efficiency ratio of at least fifteen and an energy-efficiency ratio of at least thirteen;

                (4) one hundred fifty dollars ($150) for a geothermal heat pump that:

                     (a) in the case of a closed loop product, has an energy-efficiency ratio of at least fourteen and one-tenth and a heating coefficient of performance of at least three and three-tenths;

                     (b) in the case of an open loop product, has an energy-efficiency ratio of at least sixteen and two-tenths and a heating coefficient of performance of at least three and six-tenths; and

                     (c) in the case of a direct expansion product, has an energy-efficiency ratio of at least fifteen and a heating coefficient of performance of at least three and five-tenths;

                (5) one hundred fifty dollars ($150) for a central air conditioner that has a seasonal energy-efficiency ratio of at least fifteen and an energy-efficiency ratio of at least thirteen;

                (6) one hundred fifty dollars ($150) for a gas water heater that has an energy factor of at least eight-tenths; and

                (7) three hundred dollars ($300) for an energy- and water-efficient advanced evaporative cooling system with a minimum effectiveness of ninety percent.

          B. The tax credit provided by this section may only be deducted from the taxpayer's income tax liability for the taxable year in which the credit is claimed.

          C. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the credit that would have been allowed on a joint return.

          D. The energy, minerals and natural resources department shall verify equipment that meets the requirements for the tax credit provided by this section and develop procedures to provide this information to taxpayers. The energy, minerals and natural resources department may issue rules for administering the provisions of this subsection."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2008 but before January 1, 2015.

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