reglab/housing_qa huggingface dataset:
NM Stat § 7-2A-18 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-18 - Credit; certain electronic equipment.

A. A taxpayer who files a New Mexico corporate income tax return, is licensed by the state to sell cigarettes, other tobacco products or alcoholic beverages and has purchased and has in use equipment that electronically reads identification cards to verify age, may claim a one-time credit in an amount equal to three hundred dollars ($300) for each business location the taxpayer has such equipment in use. B. The credit provided in this section may only be deducted from the taxpayer's New Mexico income tax liability for the taxable year. C. A taxpayer who otherwise qualifies and claims a credit pursuant to this section for equipment owned by a partnership or other business association of which the taxpayer is a member may claim a credit only in proportion to his interest in the partnership or association. The total credit claimed by all members of the partnership or association shall not exceed three hundred dollars ($300) in the aggregate for each business location the partnership or association has purchased equipment and has it in use. History: Laws 2001, ch. 73, § 2. ANNOTATIONSEffective dates. — Laws 2001, ch. 73 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 15, 2001, 90 days after adjournment of the legislature.
NM Stat § 7-2A-20 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-20 - Repealed.

History: Laws 2002, ch. 91, § 2. ANNOTATIONSRepeals. — Laws 2002, ch. 91, § 3, repealed 7-2A-20 NMSA 1978, as enacted by Laws 2002, ch. 91, § 2, relating to a credit for produced water, effective January 1, 2006. For provisions of former section, see the 2005 NMSA 1978 on the NMOneSource.com.
NM Stat § 7-2A-22 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-22 - Repealed.

History: Laws 2007, ch. 204, § 6; repealed by Laws 2007, ch. 204, § 20.ANNOTATIONSRepeals. — Laws 2007, ch. 204, § 20 repealed 7-2A-22 NMSA 1978, as enacted by Laws 2007, ch. 204, § 6, relating to a tax credit for agricultural water conservation expenses, effective January 1, 2013. For provisions of former section, see the 2012 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2A-24 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-24 - Geothermal ground-coupled heat pump tax credit.

A. A taxpayer that files a New Mexico corporate income tax return for a taxable year beginning on or after January 1, 2010 and that purchases and installs after January 1, 2010 but before December 31, 2020 a geothermal ground-coupled heat pump in a property owned by the taxpayer may claim against the taxpayer's corporate income tax liability, and the department may allow, a tax credit of up to thirty percent of the purchase and installation costs of the system. The credit provided in this section may be referred to as the "geothermal ground-coupled heat pump tax credit". The total geothermal ground-coupled heat pump tax credit allowed to a taxpayer shall not exceed nine thousand dollars ($9,000). The department shall allow a geothermal ground-coupled heat pump tax credit only for geothermal ground-coupled heat pumps certified by the energy, minerals and natural resources department. B. A portion of the geothermal ground-coupled heat pump tax credit that remains unused in a taxable year may be carried forward for a maximum of ten consecutive taxable years following the taxable year in which the credit originates until the credit is fully expended. C. Prior to July 1, 2010, the energy, minerals and natural resources department shall adopt rules establishing procedures to provide certification of geothermal ground-coupled heat pumps for purposes of obtaining a geothermal ground-coupled heat pump tax credit. The rules shall address technical specifications and requirements relating to safety, building code and standards compliance, minimum system sizes, system applications and lists of eligible components. The energy, minerals and natural resources department may modify the specifications and requirements as necessary to maintain a high level of system quality and performance. D. The department may allow a maximum annual aggregate of two million dollars ($2,000,000) in geothermal ground-coupled heat pump tax credits. Applications for the credit shall be considered in the order received by the department. E. As used in this section, "geothermal ground-coupled heat pump" means a reversible refrigerator device that provides space heating, space cooling, domestic hot water, processed hot water, processed chilled water or any other application where hot air, cool air, hot water or chilled water is required and that utilizes ground water or water circulating through pipes buried in the ground as a condenser in the cooling mode and an evaporator in the heating mode. History: Laws 2009, ch. 271, § 2. ANNOTATIONSEffective dates. — Laws 2009, ch. 271 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 7-2A-30 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-30 - Deduction to offset material financial effects of changes in deferred tax amounts due to certain changes made to sections 7-2A-2, 7-2A-3, 7-2A-8.3, 7-4-10 and 7-4-18 NMSA 1978.

A. For each of ten consecutive taxable years beginning on or after January 1, 2026, a filing group subject to the corporate income tax whose members are part of a publicly traded company may claim a deduction, as provided by Subsection B of this section, from taxable income before net operating losses are deducted.B. The deduction for each taxable year shall not exceed one-tenth of the amount necessary to offset the aggregate increase in net deferred tax liabilities, the aggregate decrease in net deferred tax assets or an aggregate change from a net deferred tax asset to a net deferred tax liability, as measured under generally accepted accounting principles, that resulted from the changes to Sections 7-2A-2, 7-2A-3, 7-2A-8.3, 7-4-10 and 7-4-18 NMSA 1978 made by this 2019 act; provided that:(1) the amount of the aggregate change in deferred tax assets and deferred tax liabilities is properly included in the calculation of the deferred tax asset or deferred tax liability reported as part of the consolidated financial statements, as required by the federal Securities Exchange Act of 1934, for the first reporting period affected by the changes to Sections 7-2A-2, 7-2A-3, 7-2A-8.3, 7-4-10 and 7-4-18 NMSA 1978 made by this 2019 act but for the deduction provided by this section; and(2) if the deduction provided by this section is greater than the taxpayer's net income, any excess amount shall be carried forward and applied as a deduction to the taxpayer's net income in future income years until fully utilized.C. A filing group shall not claim a deduction pursuant to this section unless the filing group files a preliminary notice with the secretary prior to January 1, 2023 and provides necessary information to show the calculation of the deduction expected to be claimed, as the secretary may require.History: Laws 2019, ch. 270, § 20; 2021, ch. 65, § 8. ANNOTATIONSApplicability. — Laws 2019, ch. 270, § 59 provided that the provisions of Sections 16 through 22 and 58 of Laws 2019, ch. 270 apply to taxable years beginning on or after January 1, 2020. The 2021 amendment, effective July 1, 2021, clarified that the deduction is to offset changes in deferred tax liabilities; and in Subsection B, after "one-tenth of the amount", deleted "of" and added "necessary to offset".
NM Stat § 7-2A-31 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-31 - Deduction; income from leasing a liquor license.

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, if the liquor license is a dispenser's license and sales of alcoholic beverages for consumption off premises are less than fifty percent of total alcoholic beverage sales, not to exceed fifty thousand dollars ($50,000) for each of four taxable years.B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction to the department in a manner required by the department.C. The department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers that claimed the deduction, the aggregate amount of deductions claimed and any other information necessary to evaluate the cost of the deduction. The department shall provide the report to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the cost of the deduction.D. As used in this section:(1) "alcoholic beverage" means alcoholic beverage as defined in the Liquor Control Act;(2) "dispenser's license" means a license issued pursuant to the provisions of the Liquor Control Act [60-3A-1 NMSA 1978] allowing the licensee to sell, offer for sale or have in the person's possession with the intent to sell alcoholic beverages both by the drink for consumption on the licensed premises and in unbroken packages, including growlers, for consumption and not for resale off the licensed premises;(3) "growler" means a clean, refillable, resealable container that has a liquid capacity that does not exceed one gallon and that is intended and used for the sale of beer, wine or cider;(4) "liquor license" means a dispenser's license issued pursuant to Section 60-6A-3 NMSA 1978 or a dispenser's license issued pursuant to Section 60-6A-12 NMSA 1978 issued prior to July 1, 2021;(5) "liquor license lessee" means a person that leases a liquor license from a liquor license lessor; and(6) "liquor license lessor" means a person that leases a liquor license to a third party.History: Laws 2021, ch. 7, § 2. ANNOTATIONSEffective dates. — Laws 2021, ch. 7, § 37 made Laws 2021, ch. 7, § 2 effective July 1, 2021.
NM Stat § 7-2B-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2B - Solar Capital Investments (Recompiled.)|Section 7-2B-1 - Recompiled.

ANNOTATIONSRecompilations. — 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.
NM Stat § 7-2C-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-1 - Short title.

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. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, substituted "Chapter 7, Article 2C NMSA 1978" for "This act". Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 608, 610. 85 C.J.S. Taxation § 1763 to 1764.
NM Stat § 7-2C-4 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-4 - Remedy additional.

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. ANNOTATIONSEffective dates. — Laws 1985, ch. 106 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 1985, 90 days after the adjournment of the legislature.
NM Stat § 7-2C-5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-5 - Department to aid in collection of debts through setoff.

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 provided by withholding from any refund due to the debtor pursuant to the Income Tax Act [Chapter 7, Article 2 NMSA 1978] the amount of debt meeting the requirements of the Tax Refund Intercept Program Act and paying over to the claimant agency the amount withheld. History: Laws 1985, ch. 106, § 5; 1994, ch. 56, § 2. ANNOTATIONSThe 1994 amendment, effective May 18, 1994, substituted "Department" for "Division" in the section heading, and "department" for "division" and "that" for "which" in the first sentence.
NM Stat § 7-2C-7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-7 - Suspense account.

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. 56, § 4. ANNOTATIONSThe 1994 amendment, effective May 18, 1994, substituted "department" for "division" and "Section 7-2C-6 NMSA 1978" for "Section 6 of the Tax Refund Intercept Program Act".
NM Stat § 7-2C-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-8 - Interest becomes obligation of claimant agency.

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 the debtor or to the claimant agency with respect to that portion of the refund against which the asserted debt was applied for any period after the date of transfer. Any interest subsequently determined to be due the debtor with respect to any refund against which the asserted debt was applied for any period after the date of transfer is the responsibility of the claimant agency; provided, however, compliance by the department and claimant agency with the provisions of the Tax Refund Intercept Program Act bars accrual of interest, notwithstanding the provisions of Section 7-1-68 NMSA 1978. History: Laws 1985, ch. 106, § 8; 1994, ch. 56, § 5. ANNOTATIONSThe 1994 amendment, effective May 18, 1994, substituted "department" for "division" twice in the first sentence and once in the proviso clause in the second sentence, and "Section 7-2C-6 NMSA 1978" for "Section 6 of the Tax Refund Intercept Program Act" in the first sentence.
NM Stat § 7-2C-9 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-9 - Administrative hearing required of claimant agency; 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 claimant agency, is not obligated to grant, and will not grant, a hearing to any debtor or spouse with respect to any action taken or any issue arising under the provisions of the Tax Refund Intercept Program Act. History: Laws 1985, ch. 106, § 9; 1994, ch. 56, § 6. ANNOTATIONSThe 1994 amendment, effective May 18, 1994, substituted "department" for "division" in the catchline and in Subsection B, and "Section 7-2C-6 NMSA 1978" for "Section 6 of the Tax Refund Intercept Program Act" in Subsection A.
NM Stat § 7-2C-12 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-12 - Administrative costs; charges appropriated to department.

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. The administrative fee authorized pursuant to Subsection A of this section shall be withheld on all debts set off and collected by the department on or after July 1, 1997 and shall be distributed monthly to the New Mexico finance authority to be pledged irrevocably for the payment of the principal, interest and expenses or other obligations related to the bonds for the taxation and revenue information management systems project. That distribution shall continue until the earlier of December 31, 2005 or the date on which the New Mexico finance authority certifies to the department that all obligations for bonds issued pursuant to Section 12 of this 1997 act have been fully discharged or provision has been made for their discharge and directs the department to cease distributing the money from the fee pursuant to Subsection A of this section to the authority. Thereafter, the administrative fees are appropriated to the department for use in administering the Tax Refund Intercept Program Act. History: Laws 1985, ch. 106, § 12; 1994, ch. 56, § 8; 1997, ch. 125, § 5. ANNOTATIONSCompiler's notes. — The phrase "Section 12 of this 1997 act" in Subsection B referred to Section 12 of Laws 1997, ch. 125, which was an uncompiled provision authorizing the issuance of revenue bonds. The 1997 amendment, effective July 1, 1997, added the Subsection A designation, rewrote Subsection A, and added Subsection B. The 1994 amendment, effective May 18, 1994, substituted "department" for "division" in the section heading and throughout the section.
NM Stat § 7-2C-13 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-13 - Confidentiality; exemption.

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 Tax Refund Intercept Program Act. Any employee or former employee of a claimant agency who unlawfully discloses any information obtained from the department is guilty of a misdemeanor and shall, upon conviction, be fined not more than one thousand dollars ($1,000) or imprisoned not more than one year or both and shall not be employed by the state for a period of five years after the date of conviction. B. Notwithstanding other provisions of law prohibiting disclosure by the department of information from a taxpayer's return, the department may provide to a claimant agency any information deemed necessary by the department to accomplish the purposes of the Tax Refund Intercept Program Act. History: Laws 1985, ch. 106, § 13; 1994, ch. 56, § 9. ANNOTATIONSThe 1994 amendment, effective May 18, 1994, substituted "department" for "division" throughout the section and deleted "thereof" following "upon conviction" in the second sentence in Subsection A.
NM Stat § 7-2C-14 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2C - Tax Refund Intercept Program|Section 7-2C-14 - Repealed.

ANNOTATIONSRepeals. — Laws 1999, ch. 47, § 9 repealed 7-2C-14 NMSA 1978, as enacted by Laws 1985, ch. 106, § 14, relating to administrative regulations, rulings, instructions and orders for purposes of the Tax Refund Intercept Program Act, effective June 18, 1999. For provisions of the former section, see the 1998 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2D-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2D - Venture Capital Investments|Section 7-2D-1 - Short title.

Chapter 7, Article 2D NMSA 1978 may be cited as the "Venture Capital Investment Act". History: Laws 1993, ch. 313, § 1; 1995, ch. 89, § 1. ANNOTATIONSThe 1995 amendment, effective June 16, 1995, substituted "Chapter 7, Article 2D NMSA 1978" for "This act".
NM Stat § 7-2D-2 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2D - Venture Capital Investments|Section 7-2D-2 - Definitions.

As used in the Venture Capital Investment Act: A. "capital gain tax differential" equals either: (1) an amount equal to fifty percent of the federal income tax paid by the taxpayer on qualified diversifying business net capital gains; or (2) in the event that the taxpayer makes an election pursuant to Section 7-2D-13 NMSA 1978, and the taxpayer has not previously paid federal income tax on the qualified diversifying business net capital gain that accrued prior to that election, then an amount equal to fifty percent of the federal income tax paid by the taxpayer on the gain on the sale of that qualified diversifying business stock times the percentage derived by dividing the gain on such stock accruing since the election by the total gain on the stock accruing since its original acquisition without regard to the election; B. "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; C. "Internal Revenue Code" means the federal Internal Revenue Code of 1986, as amended or renumbered; D. "manufacturing business" means the manufacture of, and the business activities related to the manufacture of, all nondurable and durable goods; E. "New Mexico income tax" means the tax imposed pursuant to the Income Tax Act [Chapter 7, Article 2 NMSA 1978]; F. "qualified diversifying business net capital gain" means the net capital gain for the taxable year determined under the Internal Revenue Code by taking into account only gains or losses from sales or exchanges of qualified diversifying business stock with a holding period of more than five years at the time of the sale or exchange; G. "secretary" means the secretary of taxation and revenue or the secretary's delegate; H. "taxpayer" means any individual subject to the tax imposed pursuant to the Income Tax Act; and I. "testing period" means the five-year period a stock is held by a taxpayer, beginning with the first day of the taxpayer's holding period for the stock. History: Laws 1993, ch. 313, § 2; 1995, ch. 89, § 2. ANNOTATIONSCross references. — For the Internal Revenue Code, see 26 U.S.C. § 1. The 1995 amendment, effective June 16, 1995, added Subsections A, D and F and redesignated the remaining subsections accordingly.
NM Stat § 7-2D-3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2D - Venture Capital Investments|Section 7-2D-3 - Repealed.

ANNOTATIONSRepeals. — Laws 1995, ch. 89, § 11 repealed 7-2D-3 NMSA 1978, as enacted by Laws 1993, ch. 313, § 3, relating to the tax credit for federal income tax paid on a qualified diversifying business net capital gain, effective June 16, 1995. For provisions of the former section, see the 1994 NMSA 1978 on NMOneSource.com.