Chapter 7 — Chapter 7

ANNOTATIONS Repeals. — Laws 1999, ch. 217, § 4 repealed 7-2A-17 NMSA 1978, as enacted by Laws 1999, ch. 217, § 2, relating to the job mentorship tax credit, effective January 1, 2002. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com. Compiler's notes. —…

History: Laws 2003, ch. 400, § 2; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2001, ch. 73, § 2; repealed by Laws 2023, ch. 85, § 28.

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(Repealed effective January 1, 2031.)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 (Repealed effective January 1, 2034.)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…

History: Laws 2002, ch. 91, § 2.

History: Laws 2007, ch. 204, § 4; 2009, ch. 59, § 2; 2013, ch. 92, § 2; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 6; repealed by Laws 2007, ch. 204, § 20.

History: Laws 2007, ch. 204, § 8; repealed by Laws 2023, ch. 85, § 28.

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 …

History: Laws 2009, ch. 279, § 2; repealed by Laws 2023, ch. 85, § 28.

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…

History: Laws 2012, ch. 55, § 2; repealed by Laws 2023, ch. 85, § 28.

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…

History: Laws 2018, ch. 36, § 2; repealed by Laws 2025, ch. 130, § 155.

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…

History: Laws 2019, ch. 270, § 20; 2021, ch. 65, § 8; repealed by Laws 2025, ch. 130, § 155.

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…

History: Laws 2022, ch. 46, § 2; repealed by Laws 2023, ch. 159, § 4.

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…

History: 1978 Comp., § 7-2A-8, enacted by Laws 1981, ch. 37, § 41; 1983, ch. 213, § 9; 1986, ch. 20, § 40; 1990, ch. 49, § 12; 1995, ch. 11, § 6; 1996, ch. 16, § 2; repealed by Laws 2019, ch. 270, § 58.

ANNOTATIONS Repeals. — Laws 1990, ch. 49, § 22 repealed 7-2A-8.1 NMSA 1978, as enacted by Laws 1983, ch. 213, § 10, relating to credit for solar or wind energy equipment installation, effective January 1, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSour…

ANNOTATIONS Repeals. — Laws 1990, ch. 49, § 21 repealed 7-2A-8.2 NMSA 1978, as enacted by Laws 1983, ch. 213, § 11, relating to tax credits for solar capital investments, effective January 1, 1991. For provisions of former section, see the 1990 NMSA 1978 on NMOneSource.com.

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…

History: 1978 Comp., § 7-2A-8.4, enacted by Laws 1983, ch. 213, § 13; 1986, ch. 20, § 44; 1993, ch. 307, § 5; 1993, ch. 309, § 3; repealed by Laws 2019, ch. 270, § 58.

ANNOTATIONS Repeals. — Laws 1990, ch. 49, § 23 repealed 7-2A-8.5 NMSA 1978, as enacted by Laws 1983, ch. 212, § 2, relating to corporate income tax credit for geothermal capital investment, effective January 1, 1996.

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…

ANNOTATIONS Repeals. — Laws 1994, ch. 10, § 1, repealed 7-2A-8.7 NMSA 1978, as enacted by Laws 1993, ch. 309, § 4, relating to a temporary surcharge on certain returns, effective February 15, 1994. For provisions of former section, see the 1993 NMSA 1978 on NMOneSource.com.

History: Laws 1998, ch. 97, § 3; repealed by Laws 2023, ch. 85, § 28.

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…

ANNOTATIONS Recompilations. — Laws 1983, ch. 213, § 4, recompiled former 7-2B-1 NMSA 1978, relating to tax credit for solar investments, as 7-2-16.1 NMSA 1978. Laws 1990, ch. 49, § 20 repealed 7-2-16.1 NMSA 1978, effective May 16, 1990. ARTICLE 2C Tax Refund Intercept Program

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…