Investment credit; amount; claimant

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 any municipal or county compensating tax rate multiplied by the value of the qualified equipment; or (2) if the sale is subject to the gross receipts tax, the product of the sum of the state gross receipts tax rate and any municipal or county local option gross receipts tax rates multiplied by the seller's gross receipts from the sale of the qualified equipment. B. If the purchase or the introduction into New Mexico of the qualified equipment is not subject to the gross receipts tax or compensating tax, the rate to determine the amount of the credit shall be equal to the rate of the state gross receipts tax. History: : Laws 1979, ch. 347, § 5; 1983, ch. 206, § 3; 1990, ch. 3, § 2; 1991, ch. 159, § 4; 1991, ch. 162, § 4; 2020, ch. 80, § 7; 2025, ch. 130, § 91.