New Mexico Administrative Code

To calculate the number of full-time-equivalent employees, add the average weekly hours worked or expected to be worked by all employees whose regular weekly work hours are or are expected to be less than forty hours. Divide the total by 40 and round down to the nearest whole num…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

The term "manufacturing operation" is defined as a plant where personnel perform production tasks "in conjunction with equipment not previously existing at the site" to produce alternative energy products. "Manufacturing equipment" must be exclusively and directly employed in the…

The value of qualified manufacturing equipment shall be the adjusted basis established for the equipment under the applicable provisions of the Internal Revenue Code of 1986.

A. The credit allowed by Section 7-9J-4 NMSA 1978 may not be applied against any local option gross receipts tax imposed by a county or municipality. B. The credit may not be applied to a report period prior to the report period that includes the first day on which qualified expe…

Unused alternative energy product manufacturers tax credit may be carried forward for five years from the end of the calendar year in which the credit was first approved by the department.

A. Any amount of alternative energy product manufacturers tax credit claimed and approved may be applied by the claimant only against the modified combined tax liability owed by the claimant. The credit amount may not be transferred to any other person, including an affiliate. B.…

To calculate the number of full-time-equivalent employees, add the average weekly hours worked or expected to be worked by all employees whose regular weekly work hours are or are expected to be less than 40 hours. Divide the total by 40 and round down to the nearest whole number…

To meet the employment requirement, the credit claimant must report the number of full-time-equivalent employees employed on the day the credit is applied for. This number is to be compared with the number of full-time-equivalent employees on the same day in the prior year. Becau…

This part applies to all persons carrying on a manufacturing operation in New Mexico that produce alternative energy products and who may be eligible to obtain the alternative energy product manufacturers tax credit.

Section 7-9J-1 through 8 and 9-11-6.2 NMSA 1978.

Permanent.

12/31/08, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Alternative Energy Product Manufacturers Tax Credit Act.

For purposes of Section 7-9J-2 NMSA 1978 "subject to depreciation" means the taxpayer's federal income tax return must include a depreciation expense with respect to the manufacturing equipment for which an alternative energy product manufacturer's tax credit is sought or claimed…

Tangible personal property which is not a machine, mechanism or tool, or a component or fitting thereof, is not "manufacturing equipment" for the purpose of the Alternative Energy Product Manufacturers Tax Credit Act. Accordingly such items as furniture, shelving and supplies are…

(Reserved.)

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Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

A. A payment to a personal service business for the services of a performing artist qualifies as a direct production expenditure if the personal services business: (1) pays gross receipts tax in New Mexico on the portion of those payments that are qualified expenditures for the f…

This part applies to all film production companies who may be eligible to obtain the film production tax credit.

Sections 7-2F-1 and 9-11-6.2 NMSA 1978.

Permanent.

9/30/10, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the film production tax credit.

The terms defined in 3.13.9.7 NMAC apply to the implementation of the film production tax credit. A. "Direct production expenditures" as defined in Subsection C of Section 7-2F-2 NMSA 1978 includes only those expenditures directly incurred and paid by the qualified production com…

A. In order to claim an approved film production tax credit, a film production company must complete a timely filed tax return after the close of its taxable year. B. When determining how an approved film production tax credit will be paid out pursuant to Subsection E of Section …

A. Any vendor (provider) who provides goods or performs services, who occupies and maintains one or more physical places of business in New Mexico, not a virtual or online business, has established "physical presence," for purposes of the film production tax credit, if the follow…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

This part applies to all persons subject to the corporate franchise tax.

Section 9-11-6.2 NMSA 1978.

Permanent.

1/15/97, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Corporate Income and Franchise Tax Act.

Corporation defined for franchise tax purposes. As used in Section 7-2A-5.1 NMSA 1978 the term "corporation" includes each and every domestic and foreign corporation or other organization having or exercising its corporate franchise in this state, whether active or not, or engagi…

A. If it is not required to file a return as a corporation for federal income tax purposes, a limited liability company formed in New Mexico pursuant to the Limited Liability Company Act or formed pursuant to a similar act of another state is not a domestic or foreign corporation…

Each member of a combined group of unitary corporations and each member of a consolidated group of corporations shall be subject individually to the franchise tax imposed by Section 7-2A-5.1 NMSA 1978 even though a combined or consolidated state corporate income tax return is fil…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630