New Mexico Governor Signs Green Home Tax Incentive

New Mexico Governor Signs Green Home Tax Incentive—New Mexico building owners can now earn an income tax credit for building or renovating a green building. Tax credits for residential buildings range from $4.50–$9.00 per square foot ($50–$100 per m²) for the first 2,000 ft² (186 m²) depending on the rating a building receives through the U. S. Green Building Council’s LEED Rating System or through the Green Building Initiative’s Build Green New Mexico rating system. Commercial buildings are assessed using LEED only, and the rates per square foot are priced differently. Although other tax incentives have targeted green buildings, this is among the first in the country to target individual homeowners as well as businesses. The credit, which is in effect through 2013 and is retroactive to January 2007, was part of a renewable energy bill signed by Governor Bill Richardson on April 3, 2007.