Chapter 7, Article 9A NMSA 1978 may be cited as the “Investment Credit Act”. History: Laws 1979, ch. 347, § 1; 1991, ch. 159, § 1; 1991, ch. 162, § 1. ANNOTATIONS The 1991 amendment, effective June 14, 1991, substituted “Chapter 7, Article 9A NMSA 1978” for “Sections 1 through 11 of this Act”. Laws […]
ANNOTATIONS Repeals. — Laws 1981, ch. 177, § 1, repealed 7-9A-10 NMSA 1978, relating to the inapplicability of the Investment Credit Act for equipment introduced or purchased after January 1, 1982, effective June 19, 1981.
A. The provisions of this section apply on the date that changes to the provisions in the Investment Credit Act become effective limiting the amount of qualified equipment that may be claimed and increasing the employment requirements with respect to qualified equipment. B. The amount of any available credit unclaimed on the effective date of […]
It is the purpose of the Investment Credit Act to provide a favorable tax climate for manufacturing businesses and to promote increased employment in New Mexico. History: Laws 1979, ch. 347, § 2; 1983, ch. 206, § 1.
The interim revenue stabilization and tax policy committee during the 2005 interim shall conduct a review of the use of the investment credit and the effectiveness of the credit in meeting the state’s economic development and tax policy objectives. Following the study, the committee shall determine whether changes are necessary in the Investment Credit Act […]
As used in the Investment Credit Act: A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “equipment” means an essential machine, mechanism or tool, or a component or fitting thereof, used directly and […]
The department is charged with the administration of the Investment Credit Act. History: Laws 1979, ch. 347, § 4; 1991, ch. 159, § 3; 1991, ch. 162, § 3. ANNOTATIONS The 1991 amendment, effective June 14, 1991, substituted “department” for “division”. Laws 1991, ch. 159, § 3 enacted identical amendments to this section. The section […]
A. The investment credit provided for in the Investment Credit Act may be claimed by a taxpayer carrying on a manufacturing operation in New Mexico in an amount equal to: (1) the product of the sum of the compensating tax rate and, beginning July 1, 2021, any municipal or county compensating tax rate multiplied by […]
Equipment not previously used in New Mexico and not previously approved for a credit under the Investment Credit Act that is owned by the taxpayer or owned by the United States or an agency or instrumentality thereof or the state or a political subdivision thereof and leased or subleased to the taxpayer is qualified equipment […]
Prior to July 1, 2030, the value of qualified equipment shall be the adjusted basis established for the equipment under the applicable provisions of the Internal Revenue Code of 1986. History: Laws 1979, ch. 347, § 7; 1983, ch. 206, § 5; 1990, ch. 3, § 5; 1991, ch. 159, § 5; 1991, ch. 162, […]
A. Prior to July 1, 2030, to be eligible to claim a credit pursuant to the Investment Credit Act, the taxpayer shall employ the equivalent of one full-time employee who has not been counted to meet this employment requirement for any prior claim in addition to the number of full-time employees employed on the day […]
A. A taxpayer shall apply for approval for a credit within one year following the end of the calendar year in which the qualified equipment for the manufacturing operation is purchased or introduced into New Mexico. B. A taxpayer having applied for and been granted approval for a credit by the department pursuant to the […]
The department shall provide credit claim forms. A credit claim shall accompany any return to which the taxpayer wishes to apply an approved credit, and the claim shall specify the amount of credit intended to apply to each return. History: Laws 1979, ch. 347, § 9; 1991, ch. 159, § 7; 1991, ch. 162, § […]
