Chapter 7 — Chapter 7

A. A national laboratory eligible for the tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act may claim the amount of each tax credit by crediting that amount against gross receipts taxes otherwise due pursuant to the Gross Receipts and Compensati…

Should the revolving fund established pursuant to Section 6 [7-9E-6 NMSA 1978] of the Laboratory Partnership with Small Business Tax Credit Act cease to be used for the purposes stated in that act, any amounts remaining in the revolving fund, excluding initial funding from nontax…

Chapter 7, Article 9F NMSA 1978 may be cited as the "Technology Jobs and Research and Development Tax Credit Act". History: Laws 2000 (2nd S.S.), ch. 22, § 1; 2015 (1st S.S.), ch. 2, § 10.

The department shall provide credit claim forms. A credit claim shall accompany any return in which the taxpayer wishes to apply for an approved basic or additional credit, and the claim shall specify the amount and type of credit intended to apply to each return. History: Laws 2…

If the taxpayer or a successor in business of the taxpayer ceases operations in New Mexico for at least one hundred eighty consecutive days within a two-year period after the taxpayer has claimed a basic credit or an additional credit at a facility with respect to which the taxpa…

History: Laws 2000 (2nd S.S.), ch. 22, § 12; repealed by Laws 2025, ch. 130, § 155.

A taxpayer claiming a credit pursuant to the Technology Jobs and Research and Development Tax Credit Act shall file reports with the department. The reports shall be submitted on or before June 30 of the year following a calendar year in which the taxpayer claims a basic or addit…

It is the purpose of the Technology Jobs and Research and Development Tax Credit Act to provide a favorable tax climate for technology-based businesses engaging in research, development and experimentation and to promote increased employment and higher wages in those fields in Ne…

As used in the Technology Jobs and Research and Development Tax Credit Act: A. "affiliate" 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 o…

The department shall administer the Technology Jobs and Research and Development Tax Credit Act pursuant to the Tax Administration Act. History: Laws 2000 (2nd S.S.), ch. 22, § 4; 2015 (1st S.S.), ch. 2, § 13.

A. The basic credit provided for in the Technology Jobs and Research and Development Tax Credit Act is an amount equal to five percent of the amount of qualified expenditures made by a taxpayer conducting qualified research at a qualified facility. B. The additional credit provid…

A. A taxpayer conducting qualified research at a qualified facility and making qualified expenditures is eligible to claim the basic credit pursuant to the Technology Jobs and Research and Development Tax Credit Act. B. A taxpayer conducting qualified research at a qualified faci…

History: Laws 2000 (2nd S.S.), ch. 22, § 7.

The amount of the basic and additional credit for which a taxpayer is otherwise eligible shall be doubled if the qualified expenditures were incurred with respect to a qualified facility in a rural area. History: Laws 2000 (2nd S.S.), ch. 22, § 8.

A. A taxpayer may apply for approval of a credit within one year following the end of the reporting period in which the qualified expenditure was made. B. A taxpayer having applied for and been granted approval for a basic credit by the department pursuant to the Technology Jobs …

A. A taxpayer may apply for approval of an additional credit pursuant to the Technology Jobs and Research and Development Tax Credit Act within one year following the end of the taxable year in which the qualified expenditure was made. B. A taxpayer that has applied for and been …

A. A taxpayer that is an eligible employer may apply for, and the department may allow, a tax credit for each new high-wage job. The credit provided in this section may be referred to as the "high-wage jobs tax credit". B. The purpose of the high-wage jobs tax credit is to provid…

History: Laws 2007, ch. 229, § 1; 2009, ch. 279, § 3; repealed by Laws 2023, ch. 85, § 28.

History: Laws 2005, ch. 104, § 11; 2011, ch. 67, § 1.

History: Laws 2005, ch. 104, § 12.

History: Laws 2005, ch. 104, § 13; 2011, ch. 67, § 2.

History: Laws 2005, ch. 104, § 14.

History: Laws 2005, ch. 104, § 15.

History: Laws 2005, ch. 104, § 16.

Chapter 7, Article 9I NMSA 1978 may be cited as the "Affordable Housing Tax Credit Act". History: Laws 2005, ch. 104, § 17; 2010, ch. 17, § 1.

As used in the Affordable Housing Tax Credit Act: A. "affordable housing project" means land acquisition, construction, building acquisition, remodeling, improvement, rehabilitation, conversion or weatherization for residential housing that is approved by the authority and that i…

A. The authority may issue an investment voucher to a person who has made an investment of land, buildings, materials, cash or services for an affordable housing project approved by the authority or for a trust fund administered by the authority. The value of the voucher shall eq…

The authority shall certify to the department approval of an affordable housing project for which an investment voucher is issued pursuant to the Affordable Housing Tax Credit Act within twenty days of issuance of that voucher. History: Laws 2005, ch. 104, § 20.

A. The tax credit provided in this section may be referred to as the "affordable housing tax credit". Except as otherwise provided by the Affordable Housing Tax Credit Act, a holder of an investment voucher that submits the investment voucher to the department may apply for, and …

Unless otherwise provided by the Affordable Housing Tax Credit Act, the department shall administer the Affordable Housing Tax Credit Act pursuant to the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: Laws 2005, ch. 104, § 22.

History: Laws 2007, ch. 204, § 11; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 12; 2011, ch. 108, § 1; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 13; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 14; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 15; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 16; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 17; repealed by Laws 2025, ch. 130, § 155.

History: Laws 2007, ch. 204, § 18; repealed by Laws 2025, ch. 130, § 155.

Chapter 7, Article 10 NMSA 1978 may be cited as the "Gross Receipts Tax Registration Act". History: 1953 Comp., § 72-16A-30, enacted by Laws 1970, ch. 26, § 1; 1995, ch. 70, § 7.

The purpose of the Gross Receipts Tax Registration Act is to ensure that all persons doing business with the state, whether leasing property employed in New Mexico, performing services in New Mexico or selling property in New Mexico, are registered with the department for payment…

As used in the Gross Receipts Tax Registration Act: A. "department" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. "person" means any …

the gross receipts tax required. Any person leasing or selling property to the state or performing services for the state, as those terms are used in the Gross Receipts and Compensating Tax Act, shall be registered with the department to pay the gross receipts tax unless that per…

If any person required to register under the provisions of Section 7-10-4 NMSA 1978 is not registered to pay the gross receipts tax, the state shall withhold payment of the amount due until the person has presented evidence of registration with the department to pay the gross rec…

Chapter 7, Article 11 NMSA 1978 may be cited as the "Railroad Car Company Tax Act". History: 1978 Comp., § 7-11-1, enacted by Laws 1982, ch. 18, § 17.

As used in the Railroad Car Company Tax Act: A. "department" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. "gross earnings" means the…

A. There is imposed on the gross earnings of each organization for the 1996 and subsequent calendar years a tax of one and one-half percent. B. The tax imposed in Subsection A of this section is in lieu of all property taxes on railway cars owned by an organization. History: 1978…

A. For the purpose of taxation, any railway car owned by an organization and used exclusively within this state or used partially within and partially without this state has situs within this state. B. The term "gross earnings" shall be construed to mean all earnings on business …

leasing cars to make reports. Every railroad company using or leasing the railway cars of any organization, upon making payment to such organization for the use or lease of railway cars, shall withhold from such payment an amount equal to the product of the tax rate specified in …

Every organization is liable for any difference between an amount equal to the product of the tax rate specified in Subsection A of Section 7-11-3 NMSA 1978 multiplied by its gross earnings and the sum of withheld taxes remitted for that organization by one or more railroad compa…

Chapter 7, Article 12 NMSA 1978 may be cited as the "Cigarette Tax Act". History: 1953 Comp., § 72-14-1, enacted by Laws 1971, ch. 77, § 1; 1985, ch. 25, § 1.