NM sustainable building tax credit nears cap
Posted at: 09/27/2012 8:22 AM
By: The Associated Press
SANTA FE, N.M. (AP) - State officials say time is running out for homeowners and builders who plan to apply for sustainable building tax credits.
That's because the credits for residential buildings that qualify as sustainable buildings are approaching the annual cap of $5 million.
Once the cap is met, officials say builders or homeowners who expected to claim the credit on their 2012 taxes will have to wait until the following year.
That will then result in less money available for homes constructed in 2013. The tax credit is due to sunset at the end of 2013.
The head of the state Energy, Minerals & Natural Resources Department, Secretary John Bemis, says the program has been popular despite the economic downturn and slow recovery that has hampered the construction industry.
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