N.M. Admin. Code § 3.4.24.8

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

Section 3.4.24.8 - GENERAL PROVISIONS

A. The state tax credit may be claimed for taxable years after January 1, 2024, and prior to January 1, 2030.

B. The tax credit provided by this section may be referred to as the clean car charging unit corporate income tax credit.

C. One tax credit shall be certified per taxpayer per taxable year for a direct current fast charger or a fuel cell charging unit.

D. A taxpayer who claimed the 2021 sustainable building tax credit for expenses of purchasing or installing an electric vehicle charging unit or fuel cell charging unit shall not be eligible to claim the tax credit.

E. A taxpayer who is not a dependent of another individual and who, beginning on May 15, 2024, and prior to January 1, 2030, purchases and installs an electric vehicle charging unit or fuel cell charging unit in New Mexico may be eligible to claim a clean car charging unit corporate income tax credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act.

F. A taxpayer may be allocated the right to claim the tax credit in proportion to the taxpayer's ownership.

G. If a New Mexico taxpayer owns an interest in a business entity that is taxed for federal income tax purposes as a partnership or limited liability company and that business entity has met all requirements to be eligible for the credit, that taxpayer may be allocated the right to claim the tax credit in proportion to the taxpayer ownership interest.

H. The total credit claimed by all members of the partnership or limited liability company shall not exceed the allowable credit the department has certified.

I. In the event of a discrepancy between a requirement of 3.4.24 NMAC and an existing New Mexico regulation and licensing department or New Mexico taxation and revenue department rule promulgated prior to the adoption 3.4.24 NMAC's, the existing rule shall govern.

N.M. Admin. Code § 3.4.24.8

Adopted by New Mexico Register, Volume XXXV, Issue 17, September 10, 2024, eff. 9/10/2024