N.M. Admin. Code § 3.4.17.14

Current through Register Vol. 35, No. 21, November 5, 2024

Section 3.4.17.14 - CLAIMING THE STATE TAX CREDIT

A. To claim the sustainable building tax credit for a given year, an applicant shall submit all certificates of eligibility to the taxation and revenue department prior to the end of that taxable year, along with a completed form provided by the taxation and revenue department, and any other information the taxation and revenue department requires.

B. If the amount of the sustainable building tax credit the applicant claims exceeds the applicant's income tax liability, the applicant may carry the excess forward for up to seven consecutive taxable years.

C. A taxpayer claiming a sustainable building tax credit shall not claim a tax credit pursuant to another law for the same sustainable commercial building unless the other tax credit is applicable to systems that are unrelated to the sustainable building tax credit. In addition, a taxpayer claiming the sustainable building tax credit shall not claim the credit for the same sustainable building under both the Income Tax Act and the Corporate Income and Franchise Tax Act.

N.M. Admin. Code § 3.4.17.14

3.4.17.14 NMAC - Rp, 3.4.17.15 NMAC, 1-1-14