reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9B - Filmmaker's Credit (Repealed.) › Section 7-9B-2 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 80, § 2, repealed 7-9B-2, as enacted by Laws 1992, ch. 47, § 2, relating to the purpose of the Filmmaker's Credit Act, effective July 1, 1996. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9B - Filmmaker's Credit (Repealed.) › Section 7-9B-3 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 80, § 2, repealed 7-9B-3, as enacted by Laws 1992, ch. 47, § 3, relating to definitions of the Filmmaker's Credit Act, effective July 1, 1996. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9B - Filmmaker's Credit (Repealed.) › Section 7-9B-4 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 80, § 2, repealed 7-9B-4, as enacted by Laws 1992, ch. 47, § 4, relating to filmmaker's credit, amount, effective July 1, 1996. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9B - Filmmaker's Credit (Repealed.) › Section 7-9B-5 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 80, § 2, repealed 7-9B-5, as enacted by Laws 1992, ch. 47, § 5, relating to qualifying and applying for the filmmaker's credit, effective July 1, 1996. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9B - Filmmaker's Credit (Repealed.) › Section 7-9B-6 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 80, § 2, repealed 7-9B-6, as enacted by Laws 1992, ch. 47, § 6, relating to application of filmmaker's credit to tax liability, effective July 1, 1996. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9B - Filmmaker's Credit (Repealed.) › Section 7-9B-7 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 80, § 2, repealed 7-9B-7, as enacted by Laws 1992, ch. 47, § 7, relating to administration of the Filmmaker's Credit Act, effective July 1, 1996. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-1 - Short title.

Chapter 7, Article 9C NMSA 1978 may be cited as the "Interstate Telecommunications Gross Receipts Tax Act".
History:
Laws 1992, ch. 50, § 1 and Laws 1992, ch. 67, § 1; 1993, ch. 30, § 15.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, substituted "Chapter 7, Article 9C NMSA 1978" for "Sections 1 through 11 of this act".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-3 - Imposition and rate of tax; denomination as interstate telecommunications gross receipts tax.

A. For the privilege of engaging in interstate telecommunications business, an excise tax equal to four and one-fourth percent of interstate telecommunications gross receipts is imposed upon any person engaging in interstate telecommunications business in New Mexico.
B. The tax imposed by this section shall be referred to as the "interstate telecommunications gross receipts tax".
History:
Laws 1992, ch. 50, § 3 and Laws 1992, ch. 67, § 3.
ANNOTATIONS
Duplicate laws.
— Laws 1992, ch. 50, § 3 and Laws 1992, ch. 67, § 3 enacted identical versions of this section, effective July 1, 1992.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-4 - Presumption of taxability.

A. To prevent evasion of the interstate telecommunications gross receipts tax and to aid in its administration, it is presumed that all receipts of a person engaging in interstate telecommunications business are subject to the interstate telecommunications gross receipts tax.
B. If receipts from nontaxable charges for mobile telecommunications services are aggregated with and not separately stated from taxable charges for mobile telecommunications services, then the charges for nontaxable mobile telecommunications services shall be subject to interstate telecommunications gross receipts tax unless the home service provider can reasonably identify nontaxable charges in its books and records that are kept in the regular course of business.
History:
Laws 1992, ch. 50, § 4 and Laws 1992, ch. 67, § 4; 2002, ch. 18, § 5.
ANNOTATIONS
The 2002 amendment,
effective August 1, 2002, added the Subsection A designation; and added Subsection B.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-5 - Date payment due.

The interstate telecommunications gross receipts tax is to be paid to the department on or before the twenty-fifth day of the month following the month in which the taxable event occurs.
History:
Laws 1992 ch. 50, § 5 and Laws 1992, ch. 67, § 5.
ANNOTATIONS
Duplicate laws.
— Laws 1992, ch. 50, § 5 and Laws 1992, ch. 67, § 5 enacted identical versions of this section, effective July 1, 1992.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-6 - Deduction; certain telephone services.

Receipts from the provision of wide-area telephone service and private communications service in this state may be deducted from interstate telecommunications gross receipts.
History:
Laws 1992, ch. 50, § 6 and Laws 1992, ch. 67, § 6; 1993, ch. 30, § 17.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, substituted "Deduction" for "Exemption" in the section heading; and rewrote this section, which read "Exempted from the interstate telecommunications gross receipts tax are receipts from the provision of wide-area telephone service and private communications service."
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-7 - Deduction; sale of a service for resale.

A. Receipts from providing an interstate telecommunications service in this state that will be used by other persons in providing telephone or telegraph services to the final user may be deducted from interstate telecommunications gross receipts if the sale is made to a person who is subject to the interstate telecommunications gross receipts tax or to the gross receipts tax or the compensating tax.
B. Receipts during the period July 1, 1998 through June 30, 2000 from providing leased telephone lines, telecommunications services, internet access services or computer programming that will be used by other persons in providing internet access and related services to the final user may be deducted from interstate telecommunications gross receipts if the sale is made to a person who is subject to the interstate telecommunications gross receipts tax, the gross receipts tax or the compensating tax.
History:
Laws 1992, ch. 50, § 7 and Laws 1992, ch. 67, § 7; 1998, ch. 92, § 6.
ANNOTATIONS
The 1998 amendment,
effective July 1, 1998, designated Subsection A, and added Subsection B.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-8 - Deductions; telecommunications providers.

A. Receipts from interstate telecommunications services that are provided by a corporation to itself or to an affiliated corporation may be deducted from interstate telecommunications gross receipts.
B. For the purposes of this section:
(1) "affiliated corporation" means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the subject corporation; and
(2) "control" means ownership of stock in a corporation that represents at least eighty percent of the total voting power of the corporation and has a value equal to at least eighty percent of the total value of the stock of that corporation.
History:
Laws 1992, ch. 50, § 8 and Laws 1992, ch. 67, § 8; 1993, ch. 30, § 18.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, inserted "interstate telecommunications" in Subsection A.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-9 - Deduction; bad debts.

Refunds and allowances made to buyers of interstate telecommunications services or amounts written off the books as an uncollectible debt by a person reporting interstate telecommunications gross receipts tax on an accrual basis may be deducted from interstate telecommunications gross receipts. If debts reported as uncollectible are subsequently collected, such receipts shall be included in interstate telecommunications gross receipts in the month of collection.
History:
Laws 1992, ch. 50, § 9 and Laws 1992, ch. 67, § 9.
ANNOTATIONS
Duplicate laws.
— Laws 1992, ch. 50, § 9 and Laws 1992, ch. 67, § 9 enacted identical versions of this section, effective July 1, 1992.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-10 - Credit; services performed outside the state.

To prevent actual multi-jurisdictional taxation of the privilege of engaging in business of providing interstate telecommunications services, any taxpayer, upon proof that the taxpayer has paid a sales, use, gross receipts or similar tax on the same interstate telecommunications gross receipts subject to the interstate telecommunications gross receipts tax, shall be allowed a credit against the interstate telecommunications gross receipts tax to the extent of the amount of sales, use, gross receipts or similar tax properly due and paid to such other state or political subdivision of that state.
History:
Laws 1992, ch. 50, § 10 and Laws 1992, ch. 67, § 10.
ANNOTATIONS
Duplicate laws.
— Laws 1992, ch. 50, § 10 and Laws 1992, ch. 67, § 10 enacted identical versions of this section, effective July 1, 1992.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9C - Interstate Telecommunications Gross Receipts Tax › Section 7-9C-11 - Administration.

A. The department shall interpret the provisions of the interstate telecommunications gross receipts tax.
B. The department shall administer and enforce the collection of the interstate telecommunications gross receipts tax, and the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] applies to the administration and enforcement of the tax.
History:
Laws 1992, ch. 50, § 11 and Laws 1992, ch. 67, § 11.
ANNOTATIONS
Duplicate laws.
— Laws 1992, ch. 50, § 11 and Laws 1992, ch. 67, § 11 enacted identical versions of this section, effective July 1, 1992.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-1 - Repealed.

History:
Laws 1999, ch. 178, § 1.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-1 NMSA 1978, as enacted by Laws 1999, ch. 178, § 1, relating to the short title of the Capital Equipment Tax Credit Act, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-2 - Repealed.

History:
Laws 1999, ch. 178, § 2.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-2 NMSA 1978, as enacted by Laws 1999, ch. 178, § 2, relating to findings and purpose of the Capital Equipment Tax Credit Act, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-3 - Repealed.

History:
Laws 1999, ch. 178, § 3.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-3 NMSA 1978, as enacted by Laws 1999, ch. 178, § 3, relating to definitions of the Capital Equipment Tax Credit Act, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-4 - Repealed.

History:
Laws 1999, ch. 178, § 4.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-4 NMSA 1978, as enacted by Laws 1999, ch. 178, § 4, relating to the capital equipment tax credit, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-5 - Repealed.

History:
Laws 1999, ch. 178, § 5.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-5 NMSA 1978, as enacted by Laws 1999, ch. 178, § 5, relating to capital equipment eligible for tax credit, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-6 - Repealed.

History:
Laws 1999, ch. 178, § 6.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-6 NMSA 1978, as enacted by Laws 1999, ch. 178, § 6, relating to eligible call center criteria, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-7 - Repealed.

History:
Laws 1999, ch. 178, § 7.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-7 NMSA 1978, as enacted by Laws 1999, ch. 178, § 7, relating to claiming the tax credit, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-8 - Repealed.

History:
Laws 1999, ch. 178, § 8.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-8 NMSA 1978, as enacted by Laws 1999, ch. 178, § 8, relating to reporting requirements and liability for repayment of tax credit, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9D - Capital Equipment Tax Credit (Repealed.) › Section 7-9D-9 - Repealed.

History:
Laws 1999, ch. 178, § 9.
ANNOTATIONS
Repeals.
— Laws 1999, ch. 178, § 10 repealed 7-9D-9 NMSA 1978, as enacted by Laws 1999, ch. 178, § 9, relating to administration of the Capital Equipment Tax Credit Act, effective July 1, 2004. For provisions of former section,
see
the 2003 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-1 - Short title.

Chapter 7, Article 9E NMSA 1978 may be cited as the "Laboratory Partnership with Small Business Tax Credit Act".
History:
Laws 2000 (2nd S.S.), ch. 20, § 1; 2007, ch. 172, § 14.
ANNOTATIONS
The 2007 amendment,
effective July 1, 2007, changed the statutory reference to the act.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-2 - Purpose of act.

It is the purpose of the Laboratory Partnership with Small Business Tax Credit Act to bring the technology and expertise of the national laboratories to small businesses in New Mexico to promote economic development in the state, with an emphasis on rural areas.
History:
Laws 2000 (2nd S.S.), ch. 20, § 2.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 20 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective on July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-4 - Administration of act.

The department shall administer the Laboratory Partnership with Small Business Tax Credit Act pursuant to the Tax Administration Act [Chapter 7, Article 1 NMSA 1978].
History:
Laws 2000 (2nd S.S.), ch. 20, § 4.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 20 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective on July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-5 - Eligibility requirements.

A national laboratory is eligible for a tax credit in an amount equal to qualified expenditures if:
A. the small business assistance is rendered to a small business located in New Mexico;
B. the small business assistance is completed;
C. the small business certifies to the national laboratory that the small business assistance provided is not otherwise available to the small business at a reasonable cost through private industry;
D. the national laboratory provides written notice to each small business to which the laboratory or a contractor of the laboratory is providing small business assistance that the small business is entitled to license intangible property developed from the small business assistance or can obtain ownership of tangible or intangible property developed from the small business assistance;
E. the national laboratory requires small businesses to which it is providing small business assistance to acknowledge only after the small business assistance is completed that the small business assistance has been rendered; and
F. the national laboratory provides forms for small business requests and for completion of small business assistance that are in accordance with the Laboratory Partnership with Small Business Tax Credit Act and other applicable state and federal laws.
History:
Laws 2000 (2nd S.S.), ch. 20, § 5; 2007, ch. 172, § 16; 2019, ch. 64, § 2.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, required a national laboratory to provide written notice to a small business receiving assistance of the business's entitlement to license intangible property developed from the small business assistance or to obtain ownership of the tangible or intangible property developed from the small business assistance; and in Subsection D, after "small business to which", added "the laboratory or a contractor of the laboratory", after "providing small business assistance", deleted "of the option", after the next occurrence of "small business", deleted "has to obtain ownership of or" and added "is entitled to", after "license", deleted "to tangible or", and after "developed from the small business assistance", added "or can obtain ownership of tangible or intangible property developed from the small business assistance".
The 2007 amendment,
effective July 1, 2007, added Subsections D through F.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-6 - Administration by the national laboratory.

To qualify for tax credits pursuant to the Laboratory Partnership with Small Business Tax Credit Act, a national laboratory shall:
A. establish a small business assistance program;
B. establish a revolving fund with initial funding from a source other than tax credits. Money from the revolving fund shall be used to pay for qualified expenditures, and the fund shall be replenished with an amount equal to the tax credits taken pursuant to the Laboratory Partnership with Small Business Tax Credit Act;
C. consult with the secretary of economic development to seek advice on improvements in the operation of the small business assistance program; and
D. establish a methodology to utilize contractors who have demonstrated the capability to provide small business assistance.
History:
Laws 2000 (2nd S.S.), ch. 20, § 6.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 20 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective on July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-7 - Tax credits; amounts.

A tax credit provided pursuant to the Laboratory Partnership with Small Business Tax Credit Act shall be in an amount equal to the qualified expenditure incurred by the national laboratory to provide small business assistance to a specific small business, not to exceed twenty thousand dollars ($20,000) for each small business for which small business assistance is rendered in a calendar year or forty thousand dollars ($40,000) if the small business assistance was provided to a small business located in a rural area.
History:
Laws 2000 (2nd S.S.), ch. 20, § 7; 2007, ch. 172, § 17; 2019, ch. 64, § 3.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, increased the maximum tax credit amounts for assisting a small business from ten thousand dollars ($10,000) to twenty thousand dollars ($20,000) for assisting businesses in urban areas and from twenty thousand dollars ($20,000) to forty thousand dollars ($40,000) for assisting businesses in rural areas; and after "not to exceed", deleted "ten thousand dollars ($10,000)" and added "twenty thousand dollars ($20,000), after "for each small business", deleted "located outside of a rural area", after "rendered in a calendar year or", deleted "twenty thousand dollars ($20,000)" and added "forty thousand dollars ($40,000)".
The 2007 amendment,
effective July 1, 2007, increased the maximum credit from $5,000 to $10,000 for assistance to a specific small business outside a rural area and from $10,000 to $20,000 for assistance to a small business located in a rural area.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-8 - Claiming the tax credit; limitation.

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 Compensating Tax Act [Chapter 7, Article 9 NMSA 1978]. The tax credit shall be taken on each monthly gross receipts tax return filed by the laboratory against gross receipts taxes due the state and shall not impact any local government tax distribution. In no event shall the tax credits taken by an individual national laboratory exceed two million four hundred thousand dollars ($2,400,000) in a given calendar year.
B. Tax credits claimed pursuant to the Laboratory Partnership with Small Business Tax Credit Act by all national laboratories in the aggregate for qualified expenditures for a specific small business not located in a rural area shall not exceed twenty thousand dollars ($20,000).
C. Tax credits claimed pursuant to the Laboratory Partnership with Small Business Tax Credit Act by all national laboratories in the aggregate for qualified expenditures for a specific small business located in a rural area shall not exceed forty thousand dollars ($40,000).
History:
Laws 2000 (2nd S.S.), ch. 20, § 8; 2007, ch. 172, § 18; 2019, ch. 64, § 4.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, increased the maximum tax credit amounts for assisting a small business from ten thousand dollars ($10,000) to twenty thousand dollars ($20,000) for assisting businesses in urban areas and from twenty thousand dollars ($20,000) to forty thousand dollars ($40,000) for assisting businesses in rural areas; in Subsection B, after "shall not exceed", deleted "ten thousand dollars ($10,000)" and added "twenty thousand dollars "($20,000)"; and in Subsection C, after "shall not exceed", deleted "twenty thousand dollars ($20,000)" and added "forty thousand dollars ($40,000)".
The 2007 amendment,
effective July 1, 2007, increased the maximum credit by an individual national laboratory from $1,800,000 to $2,400,000 in a calendar year and added Subsections B and C.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-9 - Termination of the revolving fund.

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 credit sources, shall be paid over to the department as additional gross receipts taxes due. Such payment of additional gross receipts taxes due shall be made in the second month following the month a determination is made that the revolving fund ceases to be used for the purposes stated in that act.
History:
Laws 2000 (2nd S.S.), ch. 20, § 9.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 20 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective on July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-10 - Coordination between national laboratories.

If more than one national laboratory is eligible for a tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act, a national laboratory shall not file a tax credit claim pursuant to the Laboratory Partnership with Small Business Tax Credit Act until:
A. coordination is developed between the national laboratories providing small business assistance pursuant to the Laboratory Partnership with Small Business Tax Credit Act that generates a joint small business assistance operational plan and a plan to ensure that the small business assistance provided by a national laboratory suits the small business's needs and challenges; and
B. a written copy of each plan formed pursuant to this section is provided to the department.
History:
Laws 2007, ch. 172, § 19.
ANNOTATIONS
Effective dates.
— Laws 2007, ch. 172, § 30 made Laws 2007, ch. 172, § 19 effective July 1, 2007.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9E - Laboratory Partnership with Small Business Tax Credit › Section 7-9E-11 - Reporting.

A. By October 15 of each year, a national laboratory that has claimed a tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act for the previous calendar year shall submit an annual report in writing to the department, the economic development department and an appropriate legislative interim committee.
B. If more than one national laboratory claims a tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act for the previous calendar year, those laboratories shall jointly submit an annual report to the department, the economic development department and an appropriate legislative interim committee no later than October 15 following the calendar year in which the small business assistance was provided.
C. An annual report shall summarize activities related to and the results of the small business assistance programs that were provided by one or more national laboratories and shall include:
(1) a summary of the program results and the number of small businesses assisted in each county;
(2) a description of the projects involving multiple small businesses;
(3) results of surveys of small businesses to which small business assistance is provided;
(4) the total amount of the tax credits claimed pursuant to the Laboratory Partnership with Small Business Tax Credit Act for the year on which the report is based; and
(5) an economic impact study of jobs created, jobs retained, cost savings and increased sales generated by small businesses for which small business assistance is provided.
D. At any time after receipt of an annual report required pursuant to this section from one or more national laboratories eligible for tax credits authorized pursuant to the Laboratory Partnership with Small Business Tax Credit Act, the department or the economic development department may provide written instructions to a national laboratory identifying future improvements in the laboratory's small business assistance program for which it receives that tax credit.
History:
Laws 2007, ch. 172, § 20.
ANNOTATIONS
Effective dates.
— Laws 2007, ch. 172, § 30 made Laws 2007, ch. 172, § 20 effective July 1, 2007.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-1 - Short title.

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.
ANNOTATIONS
The 2015 (1st S.S.) amendment,
effective January 1, 2016, changed the title of the Technology Jobs Tax Credit Act to the "Technology Jobs and Research and Development Tax Credit Act", and changed the statutory reference from "This act" to "Chapter 7, Article 9F NMSA 1978".
Applicability.
— Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 10 apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
Temporary provisions.
— Laws 2015 (1st S.S.), ch. 2, § 22 provided that a taxpayer that becomes eligible for a research and development small business tax credit prior to January 1, 2016 but has not claimed the credit prior to January 1, 2016 may claim the credit in accordance with the provisions of the Research and Development Small Business Tax Credit Act in effect immediately prior to January 1, 2016. The taxation and revenue department shall approve claims submitted but not approved prior to January 1, 2016 if the claim meets the requirements of the Research and Development Small Business Tax Credit Act in effect immediately prior to January 1, 2016. Claiming the research and development small business tax credit pursuant to this section with respect to a reporting period renders the taxpayer ineligible to claim a credit for the same reporting period pursuant to the Technology Jobs and Research and Development Tax Credit Act.
Laws 2015 (1st S.S.), ch. 2, § 23 provided that on and after January 1, 2016, references in law to the Technology Jobs Tax Credit Act shall be deemed to be references to the Technology Jobs and Research and Development Tax Credit Act.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-2 - Purpose of act.

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 New Mexico.
History:
Laws 2000 (2nd S.S.), ch. 22, § 2; 2015 (1st S.S.), ch. 2, § 11.
ANNOTATIONS
The 2015 (1st S.S.) amendment,
effective January 1, 2016, added "and Research and Development" after "Technology Jobs".
Applicability.
— Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 11 apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-4 - Administration of act.

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.
ANNOTATIONS
The 2015 (1st S.S.) amendment,
effective January 1, 2016, added "and Research and Development" after "Technology Jobs".
Applicability.
— Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 13 apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-5 - Basic credit; additional credit; amounts; claimant.

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 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.
History:
Laws 2000 (2nd S.S.), ch. 22, § 5; 2015 (1st S.S.), ch. 2, § 14.
ANNOTATIONS
The 2015 (1st S.S.) amendment,
effective January 1, 2016, amended language to reflect the new title of the Technology Jobs and Research and Development Tax Credit Act and increased the basic and additional tax credits provided for in the Technology Jobs and Research and Development Tax Credit Act from four percent to five percent of the amount of qualified expenditures; in Subsection A, after "Technology Jobs", added "and Research and Development", and after "an amount equal to", deleted "four" and added "five"; in Subsection B, after "Technology Jobs", added "and Research and Development", and after "an amount equal to", deleted "four" and added "five".
Applicability.
— Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 14 apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-7 - Repealed.

History:
Laws 2000 (2nd S.S.), ch. 22, § 7.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24, repealed 7-9F-7 NMSA 1978, as enacted by Laws 2000 (2nd S.S.), ch. 22, § 7, relating to qualified expenditures, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-8 - Rural areas.

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.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 22 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-9.1 - Claiming the additional credit.

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 granted approval for an additional credit by the department pursuant to the Technology Jobs and Research and Development Tax Credit Act may claim the amount of the approved additional credit against the taxpayer's income tax or corporate income tax liability. Except as provided in Subsection C of this section, no taxpayer may claim an amount of approved additional credit for a taxable year in which the additional credit is being claimed that exceeds the amount of the taxpayer's income tax or corporate income tax due for that taxable year.
C. If a taxpayer is a qualified research and development small business and the amount of approved additional credit for the taxable year in which the additional credit is being claimed exceeds the taxpayer's income tax liability or corporate income tax liability, the excess shall be refunded to the taxpayer pursuant to Paragraphs (1) through (3) of this subsection. If the taxpayer's total qualified expenditures for the taxable year for which the claim is made is:
(1) less than three million dollars ($3,000,000), the excess additional credit shall be refunded to the taxpayer;
(2) greater than or equal to three million dollars ($3,000,000) and less than four million dollars ($4,000,000), two-thirds of the excess additional credit shall be refunded to the taxpayer; and
(3) greater than or equal to four million dollars ($4,000,000) and less than or equal to five million dollars ($5,000,000), one-third of the excess additional credit shall be refunded to the taxpayer.
D. Any amount of approved additional credit not claimed against the taxpayer's income tax or corporate income tax due for a taxable year or refunded to the taxpayer may be claimed in subsequent reporting periods for a period of up to three years from the date of the original claim.
E. Married individuals filing separate returns for a taxable year for which they could have filed a joint return may each claim only one-half of the additional credit that would have been claimed on a joint return.
History:
1978 Comp., § 7-9F-9.1, enacted by Laws 2015 (1st S.S.) ch. 2, § 17.
ANNOTATIONS
Effective dates.
— Laws 2015 (1st S.S.), ch. 2 § 26 makes Laws 2015 (1st S.S.), ch. 2, § 17 effective January 1, 2016.
Applicability.
— Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 17 apply to taxable years beginning on or after January 1, 2015 and apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-10 - Credit claim forms.

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 2000 (2nd S.S.), ch. 22, § 10.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 22 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-11 - Recapture.

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 taxpayer has claimed the basic credit or the additional credit, the department shall grant no further basic credit or additional credit to the taxpayer with respect to that facility. In addition, any amount of approved basic credit not claimed against the taxpayer's gross receipts tax, compensating tax or withholding tax and any amount of approved additional credit not claimed against the taxpayer's income tax or corporate income tax shall be extinguished, and within thirty days after the one hundred eightieth day of the cessation of operations, the taxpayer shall pay the amount of any gross receipts tax, compensating tax or withholding tax for which an approved basic credit was taken and any income tax or corporate income tax against which an approved additional credit was taken. For purposes of this section, a taxpayer shall not be deemed to have ceased operations during reasonable periods for maintenance or retooling or for the repair or replacement of facilities damaged or destroyed or during the continuance of labor disputes.
History:
Laws 2000 (2nd S.S.), ch. 22, § 11.
ANNOTATIONS
Effective dates.
— Laws 2000 (2nd S.S.), ch. 22 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective July 3, 2000, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-12 - Department report.

In October 2003 and each year thereafter, the department shall report to the legislative finance committee and the revenue stabilization and tax policy committee on the fiscal and economic impacts of the Technology Jobs Tax Credit Act [Technology Jobs and Research and Development Tax Credit Act] using the most recently available data for the two prior fiscal years. The report shall include the number of taxpayers who have received basic credits or additional credits under the Technology Jobs Tax Credit Act [Technology Jobs and Research and Development Tax Credit Act], the amounts of the basic credits and additional credits, the geographic locations of the qualified facilities and the payroll increases of taxpayers related to additional credits, subject to the confidentiality provisions of Section 7-1-8 NMSA 1978.
History:
Laws 2000 (2nd S.S.), ch. 22, § 12.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 2015 (1st S.S.), ch. 2, § 10 changed the name of the Technology Jobs Tax Credit Act to the Technology Jobs and Research and Development Tax Credit Act, effective January 1, 2016.
Effective dates.
— Laws 2000 (2nd S.S.), ch. 22 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective July 3, 2000, 90 days after the adjournment of the legislature.
Time to apply for tax credit.
— Because the provisions in this section, Sections 7-9F-3 and 7-9F-6 NMSA 1978, indicate a legislative concentration on annual reporting and annual payroll expense, these sections indicate no intention to provide a taxpayer an open-ended time to apply for a tax credit.
Team Specialty Prods., Inc v. Taxation & Revenue Dep't
., 2005-NMCA-020, 137 N.M. 50, 107 P.3d 4.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9F - Technology Jobs and Research and Development Tax Credit › Section 7-9F-13 - Taxpayer reporting requirement.

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 additional credit and by June 30 of each of the two succeeding years. The reports shall contain information describing the taxpayer's business operations in New Mexico that is sufficient for the department to enforce the recapture provision pursuant to Section 7-9F-11 NMSA 1978. If a taxpayer fails to submit a required report, the amount of any basic or additional credit claimed for that year shall be subject to the recapture provision.
History:
Laws 2015 (1st S.S.), ch. 2, § 18.
ANNOTATIONS
Effective dates.
— Laws 2015 (1st S.S.), ch. 2 § 26 makes Laws 2015 (1st S.S.), ch. 2, § 18 effective January 1, 2016.
Applicability.
— Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 18 apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9G - Other Tax Credits › Section 7-9G-2 - Repealed.

History:
Laws 2007, ch. 229, § 1; 2009, ch. 279, § 3; repealed by Laws 2023, ch. 85, § 28.
ANNOTATIONS
Repeals.
— Laws 2023, ch. 85, § 28 repealed 7-9G-2 NMSA 1978, as enacted by Laws 2007, ch. 229, § 1, relating to advanced energy combined reporting tax credit, gross receipts tax, compensating tax, withholding tax, effective July 1, 2023. For provisions of former section,
see
the 2022 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9H - Research and Development Small Business Tax Credit (Repealed.) › Section 7-9H-1 - Repealed.

History:
Laws 2005, ch. 104, § 11; 2011, ch. 67, § 1.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24 repealed 7-9H-1 NMSA 1978, as enacted by Laws 2005, ch. 104, § 11, relating to the short title of the act, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9H - Research and Development Small Business Tax Credit (Repealed.) › Section 7-9H-2 - Repealed.

History:
Laws 2005, ch. 104, § 12.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24 repealed 7-9H-2 NMSA 1978, as enacted by Laws 2005, ch. 104, § 12, relating to definitions, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9H - Research and Development Small Business Tax Credit (Repealed.) › Section 7-9H-3 - Repealed.

History:
Laws 2005, ch. 104, § 13; 2011, ch. 67, § 2.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24 repealed 7-9H-3 NMSA 1978, as enacted by Laws 2005, ch. 104, § 13, relating to research and development small business tax credit, amount and eligibility, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9H - Research and Development Small Business Tax Credit (Repealed.) › Section 7-9H-4 - Repealed.

History:
Laws 2005, ch. 104, § 14.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24 repealed 7-9H-4 NMSA 1978, as enacted by Laws 2005, ch. 104, § 14, relating to claiming the credit and credit claim forms, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9H - Research and Development Small Business Tax Credit (Repealed.) › Section 7-9H-5 - Repealed.

History:
Laws 2005, ch. 104, § 15.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24 repealed 7-9H-5 NMSA 1978, as enacted by Laws 2005, ch. 104, § 15, relating to limitation on other credits, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9H - Research and Development Small Business Tax Credit (Repealed.) › Section 7-9H-6 - Repealed.

History:
Laws 2005, ch. 104, § 16.
ANNOTATIONS
Repeals.
— Laws 2015 (1st S.S.), ch. 2, § 24 repealed 7-9H-6 NMSA 1978, as enacted by Laws 2005, ch. 104, § 16, relating to administration of the act, effective January 1, 2016. For provisions of former section,
see
the 2014 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 9I - Affordable Housing Tax Credit Act › Section 7-9I-1 - Short title.

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.
ANNOTATIONS
The 2010 amendment,
effective July 1, 2010, deleted "Sections 17 though 22 of this act" and added "Chapter 7, Article 9I NMSA 1978".