Section 7-2A-25 – Advanced energy corporate income tax credit.
A. The tax credit that may be claimed pursuant to this section may be referred to as the “advanced energy corporate income tax credit”. B. A taxpayer that holds an interest in a qualified generating facility located in New Mexico and that files a New Mexico corporate income tax return may claim an advanced energy […]
Section 7-2A-26 – Agricultural biomass corporate income tax credit.
A. A taxpayer that files a New Mexico corporate income tax return for a taxable year beginning on or after January 1, 2011 and ending prior to January 1, 2030 for a dairy or feedlot owned by the taxpayer may claim against the taxpayer’s corporate income and franchise tax liability, and the department may allow, […]
Section 7-2A-27 – Veteran employment tax credit.
A. A taxpayer that employs a qualified military veteran in New Mexico is eligible for a credit against the taxpayer’s tax liability imposed pursuant to the Corporate Income and Franchise Tax Act in an amount up to one thousand dollars ($1,000) of the gross wages paid to each qualified military veteran by the taxpayer during […]
Section 7-2A-28 – 2015 sustainable building tax credit.
A. The tax credit provided by this section may be referred to as the “2015 sustainable building tax credit”. The 2015 sustainable building tax credit shall be available for the construction in New Mexico of a sustainable building, the renovation of an existing building in New Mexico into a sustainable building or the permanent installation […]
Section 7-2A-28.1 – 2021 sustainable building tax credit.
A. The tax credit provided by this section may be referred to as the “2021 sustainable building tax credit”. For taxable years prior to January 1, 2030, a taxpayer that is a building owner and files a corporate income tax return is eligible to be granted a 2021 sustainable building tax credit by the department […]
Section 7-2A-29 – Foster youth employment corporate income tax credit.
A. A taxpayer that employs a qualified foster youth in New Mexico is eligible for a credit against the taxpayer’s tax liability imposed pursuant to the Corporate Income and Franchise Tax Act in an amount up to one thousand dollars ($1,000) of the gross wages paid to each qualified foster youth by the taxpayer during […]
Section 7-2A-30 – Deduction to offset material financial effects of changes in deferred tax amounts due to certain changes made to sections 7-2A-2, 7-2A-3, 7-2A-8.3, 7-4-10 and 7-4-18 NMSA 1978.
A. For each of ten consecutive taxable years beginning on or after January 1, 2026, a filing group subject to the corporate income tax whose members are part of a publicly traded company may claim a deduction, as provided by Subsection B of this section, from taxable income before net operating losses are deducted. B. […]
Section 7-2A-31 – Deduction; income from leasing a liquor license.
A. Prior to January 1, 2026, a taxpayer that is a liquor license lessor and that held the license on June 30, 2021 may claim a deduction from taxable income in an amount equal to the gross receipts from sales of alcoholic beverages made by each liquor license lessee in an amount, if the liquor […]
Section 7-2A-9 – Taxpayer returns; payment of tax.
A. Every corporation deriving income from any business transaction, property or employment within this state, that is not exempt from tax under the Corporate Income and Franchise Tax Act and that is required by the laws of the United States to file a federal income tax return shall file a complete tax return with the […]
Section 7-2A-22 – Repealed.
History: Laws 2007, ch. 204, § 6; repealed by Laws 2007, ch. 204, § 20. ANNOTATIONS Repeals. — Laws 2007, ch. 204, § 20 repealed 7-2A-22 NMSA 1978, as enacted by Laws 2007, ch. 204, § 6, relating to a tax credit for agricultural water conservation expenses, effective January 1, 2013. For provisions of former […]