A credit once earned is transferable. Taxpayer must apply to the NM Taxation and Revenue Department for approval of credit amounts within one year of the end of the calendar year in which the expenditure occurred. After approval, the credit may be applied against state taxes due on the CRS-1 return. Basic credit amounts not claimed against CRS taxes may be claimed against income taxes. The credit amount doubles if the qualified facility is in a rural area.
Business inventories are exempt from all taxation until sold.
Any service that is exported from the state, including research and development services, are not charged gross receipts tax. Santa Fe and Los Alamos Counties and Las Cruces MSA is Dona Ana County. Click the icon below to get the free reader courtesy of Adobe.