Chapter 7, Chapter 7

Any corporation which files income tax returns under the Internal Revenue Code on the basis of a fiscal year shall report income under the Corporate Income and Franchise Tax Act on the same basis. History: 1978 Comp., § 7-2A-12, enacted by Laws 1981, ch. 37, § 45; 1986, ch. 20, §…

The Corporate Income and Franchise Tax Act shall be administered pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: 1978 Comp., § 7-2A-13, enacted by Laws 1981, ch. 37, § 46; 1986, ch. 20, § 51.

A. With respect to the net income of a taxpayer engaged in the transaction of business occurring after July 1, 1997 from a new business on Indian land, the person who is liable for the payment of the corporate income tax may claim a credit as provided in Subsection D of this sect…

definitions; claiming the credit. A. The tax credit provided in this section may be referred to as the "renewable energy production tax credit". The tax credit provided in this section may not be claimed with respect to the same electricity production for which the renewable ener…

effective January 1, 2031.) A. A taxpayer that, beginning on the effective date of this section and prior to January 1, 2030, purchases an electric vehicle, plug-in hybrid electric vehicle or fuel cell vehicle or enters into a new lease of at least three years for one of these ve…

(Repealed effective January 1, 2031.) A. A taxpayer that, beginning on the effective date of this section and prior to January 1, 2030, purchases and installs an electric vehicle charging unit or fuel cell charging unit in New Mexico may claim a credit against the taxpayer's tax …

credit. (Repealed effective January 1, 2034.) A. The tax credit provided by this section may be referred to as the "advanced energy equipment corporate income tax credit". A taxpayer that makes qualified expenditures for a qualified manufacturing facility located in New Mexico an…

A. For taxable years prior to January 1, 2032, a taxpayer that is a local news organization that employs a journalist may claim a credit against the taxpayer's tax liability imposed pursuant to the Corporate Income and Franchise Tax Act in an amount provided in Subsection B of th…

A. For taxable years prior to January 1, 2032, a taxpayer that is an owner of a local news printer that employs a qualified employee may claim a credit against the taxpayer's tax liability imposed pursuant to the Corporate Income and Franchise Tax Act in an amount provided in Sub…

For the purpose of the Corporate Income and Franchise Tax Act and unless the context requires otherwise: A. "bank" means any national bank, national banking association, state bank or bank holding company; B. "apportioned net income" or "apportioned net loss" means net income all…

tax credit. A. A taxpayer that files a New Mexico corporate income tax return for a taxable year beginning on or after January 1, 2024 and that purchases and installs after May 15, 2024 but before December 31, 2034 a geothermal ground-coupled heat pump in a property owned by the …

credit. A. For taxable years ending prior to January 1, 2032, a taxpayer that holds an interest in a geothermal electricity generation facility may apply for, and the department may allow, a credit against the taxpayer's tax liability imposed pursuant to the Corporate Income and …

A. A taxpayer that files a New Mexico corporate income tax return for a taxable year ending prior to January 1, 2030 for a dairy or feedlot owned by the taxpayer may claim against the taxpayer's corporate income and franchise tax liability, and the department may allow, a tax cre…

A. The tax credit provided by this section may be referred to as the "2015 sustainable building corporate income tax credit". The 2015 sustainable building corporate income tax credit shall be available for the construction in New Mexico of a sustainable building, the renovation …

A. The tax credit provided by this section may be referred to as the "2021 sustainable building corporate income tax credit". For taxable years ending prior to January 1, 2028, a taxpayer that is a building owner and files a corporate income tax return may claim a 2021 sustainabl…

A. A tax to be known as the "corporate income tax" is imposed at the rate specified in the Corporate Income and Franchise Tax Act upon the taxable income of a corporation or group of corporations, in whatever jurisdiction organized or incorporated, that is engaged in the transact…

A. Prior to January 1, 2026, a taxpayer that is a liquor license lessor and that held the license on June 30, 2021 may claim a deduction from taxable income in an amount equal to the gross receipts from sales of alcoholic beverages made by each liquor license lessee in an amount,…

No corporate income or franchise tax shall be imposed upon: A. insurance companies, reciprocal or inter-insurance exchanges which pay a premium tax to the state; B. a trust organized or created in the United States and forming part of a stock bonus, pension or profit-sharing plan…

The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be five and nine-tenths percent of taxable income. History: 1978 Comp., § 7-2A-5, enacted by Laws 1981, ch. 37, § 38; 1981, ch. 176, § 1; 1983, ch. 213, § 8; 1986, ch. 20, § 36; 1987, ch. 277, § 5;…

The corporate franchise tax amount imposed on a corporation by Section 7-2A-3 NMSA 1978 shall be fifty dollars ($50.00) per taxable year or any fraction thereof. History: Laws 1986, ch. 20, § 37; 1992, ch. 78, § 3.

For those taxpayers who do not compute an amount upon which the federal income tax is calculated or who do not compute their federal income tax payable for the taxable year, the secretary shall prescribe such regulations or instructions as he may deem necessary to enable them to …

To the extent permitted by law, no corporation shall be relieved from liability for corporate income tax or corporate franchise tax by reason of receiving income from transactions occurring or work or services performed within a federal area. History: 1978 Comp., § 7-2A-7, enacte…

A. Corporations that are part of a unitary group shall file a return properly reporting and paying tax on taxable income as a worldwide combined group unless they properly elect to report and pay tax on taxable income as a water's-edge or consolidated group, pursuant to departmen…

income tax credit. A. Tax credits for the preservation of cultural property may be claimed as follows: (1) to encourage the restoration, rehabilitation and preservation of cultural properties, a taxpayer that files a corporate income tax return and that is the owner of a cultural…

A. There shall be allowed as a credit against the tax liability imposed by the Corporate Income and Franchise Tax Act an amount equal to fifty percent of the fair market value of land or interest in land that is conveyed for the purpose of open space, natural resource or biodiver…

A. Every corporation deriving income from any business transaction, property or employment within this state, that is not exempt from tax under the Corporate Income and Franchise Tax Act and that is required by the laws of the United States to file a federal income tax return sha…

exemption. A. Every taxpayer shall pay estimated corporate income tax to the state of New Mexico during its taxable year if its tax after applicable credits is five thousand dollars ($5,000) or more in the current taxable year. A taxpayer to which this section applies shall calcu…

A credit or tax rebate provided in the Corporate Income and Franchise Tax Act that is claimed shall be disallowed if the claim for the credit or tax rebate was first made after the end of the third calendar year following the calendar year in which the return upon which the credi…

Chapter 7, Article 2C NMSA 1978 may be cited as the "Tax Refund Intercept Program Act". History: Laws 1985, ch. 106, § 1; 1993, ch. 30, § 12.

A. The determination of the validity and the amount of the setoff asserted or the application of setoff to a refund to which a debtor or spouse asserts entitlement in whole or in part under the provisions of the Tax Refund Intercept Program Act shall be final upon the exhaustion …

A. Claims of the department take precedence over the claim of any competing claimant agency, whether the department asserts a claim or sets off an asserted debt under the provisions of the Tax Refund Intercept Program Act or under the provisions of any other law that authorizes t…

A. The department shall charge claimant agencies an administrative fee of three percent of the debts for the claimant agencies pursuant to the Tax Refund Intercept Program Act. B. Money from the administrative fee authorized pursuant to Subsection A of this section is appropriate…

A. The information obtained by a claimant agency from the department in accordance with the provisions of the Tax Refund Intercept Program Act shall be confidential and shall be used by the claimant agency only in pursuit of the collection of a debt under the provisions of the Ta…

A. The purpose of the Tax Refund Intercept Program Act is to comply with state and federal law: (1) by enhancing the enforcement of child support and medical support obligations; (2) to aid collection of outstanding debts owed for: (a) overpayment of public assistance and overiss…

As used in the Tax Refund Intercept Program Act: A. "claimant agency" means the taxation and revenue department or any of its divisions, the human services department [health care authority department], the workforce transition services division of the workforce solutions departm…

The remedies of a claimant agency under the Tax Refund Intercept Program Act are in addition to and not in substitution for any other remedies available by law. History: Laws 1985, ch. 106, § 4.

Subject to the limitations contained in the Tax Refund Intercept Program Act, the department, upon request, shall render assistance in the collection of any debt owed to a claimant agency or any debt that a claimant agency is obligated by law to collect. This assistance shall be …

A. Each year a claimant agency seeking to collect a debt through setoff shall notify the department in the manner and by the date required by the department, which date shall be in the period from November 1 through December 15. The notice to the department shall include the amou…

Upon receipt of money transferred from the department pursuant to Subsection H of Section 7-2C-6 NMSA 1978, the claimant agency shall deposit and hold the money in the suspense account until a final determination of the setoff is made. History: Laws 1985, ch. 106, § 7; 1994, ch. …

Once a transfer is made by the department pursuant to Subsection H of Section 7- 2C-6 NMSA 1978, notwithstanding any other provision of law to the contrary, the department, except in its capacity as a claimant agency, is not obligated in any manner for the payment of interest to …

department exempted. A. The claimant agency shall provide notice and opportunity for hearing, consistent with due process, as required by Subsections F and G of Section 7-2C-6 NMSA 1978. B. Notwithstanding any other provision of law, the department, except in its capacity as a cl…

A. The tax credit created by this section may be referred to as the "rural job tax credit". Every eligible employer may apply for, and the taxation and revenue department may approve, a tax credit for each qualifying job the employer creates. The maximum tax credit amount with re…

Chapter 7, Article 2F NMSA 1978 may be cited as the "Film Production Tax Credit Act". History: Laws 2011, ch. 165, § 2 and Laws 2011, ch. 177, § 3.

postproduction expenditures; aggregate amount of claims allowed; exception. (Effective January 1, 2027.) A. The division shall certify a film production company's budget for direct production expenditures and postproduction expenditures during a preproduction meeting with the div…

A. The tax credit created by this section may be referred to as the "new film production tax credit". B. A film production company that meets the requirements of the Film Production Tax Credit Act may apply for, and the taxation and revenue department may allow, a tax credit in a…

amounts; expenditures made in certain areas of the state; television pilots and series. A. In addition to the percentage of direct production expenditures and postproduction expenditures calculated pursuant to Section 7-2F-13 NMSA 1978, an additional percentage shall be applied f…

1, 2027.) A film production company may apply for, and the taxation and revenue department may allow, a tax credit, which may be referred to as the "nonresident below-the-line crew credit", in an amount equal to fifteen percent of the payment of wages for below- the-line crew who…

As used in the Film Production Tax Credit Act: A. "affiliated person" means a person who directly or indirectly owns or controls, is owned or controlled by or is under common ownership or control with another person through ownership of voting securities or other ownership intere…

The purposes and goals of the Film Production Tax Credit Act are to: A. establish the film industry as a permanent component of the economic base of New Mexico; B. develop a pool of trained professionals and businesses in New Mexico to supply and support the film industry in the …

A. The economic development department shall: (1) collect data to be used in an econometric tool that objectively assesses the effectiveness of the credits provided by the Film Production Tax Credit Act; (2) track the direct expenditures for the credits; (3) with the support and …