reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 34 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.34.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A
				person who is the owner of a building in New Mexico that has been constructed,
				renovated or manufactured or is a sustainable residential or sustainable
				commercial building and that receives certification on or after January 1,
				2017, and prior to April 1, 2023, may receive a certificate of eligibility for
				a 2015 sustainable building tax credit. A subsequent purchaser of a sustainable
				residential building may receive a certificate if no tax credit has previously
				been claimed for the building.
B.
				The annual total amount in a calendar year of the 2015 sustainable building tax
				credit pursuant to the Income Tax Act and the Corporate Income and Franchise
				Tax Act available to taxpayers owning sustainable residential buildings is
				limited to $3,375,000 for sustainable residential buildings that are not
				manufactured housing. When the $3,375,000 cap for sustainable residential
				buildings is reached, based on all certificates of eligibility the department
				has issued, the department shall:
(1) if part
				of an eligible 2015 sustainable residential building tax funds are within the
				annual residential cap and part is over the annual cap, issue a certificate of
				eligibility for the amount under the annual cap for the applicable tax year and
				issue a certificate of eligibility for the balance for the subsequent tax year,
				except for the last taxable year when the 2015 sustainable building tax credit
				is in effect;
(2) if no 2015
				sustainable residential building tax credit funds are available in a given
				taxable year, issue a certificate of eligibility for the next subsequent tax
				year in which funds are available, except for the last taxable year when the
				2015 sustainable building tax credit is in effect; or
(3) the department may issue certificates of
				eligibility to applicants who meet the requirements for the 2015 sustainable
				residential buildings tax credit in a taxable year when applications for the
				2015 sustainable residential buildings tax credit exceed the annual cap, but
				applications for the 2015 sustainable commercial buildings or manufactured
				housing tax credits are under the annual cap for that type of sustainable
				building by February 1 of any year in which the tax credit is in
				effect.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 34 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.34.9 - VERIFIER ELIGIBILITY FOR ALL BUILDINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department reviews the qualifications
				for verifiers of the build green New Mexico or LEED-H certifications or LEED
				commercial buildings, which shall be provided annually to the department, based
				on the following criteria:
(1) the verifier
				is independent from the homebuilders or homeowners or commercial building owner
				that may apply for certification;
(2) the verifier has adequate staff and
				expertise to provide certification services, including:
(a) experience in green building
				services;
(b) ability to enlist and
				serve builders and provide training, consulting and other guidance as
				necessary;
(c) a method of auditing
				the certification process to maintain adequate stringency; and
(d) ability to administer the program and
				report on the certifications, audits and other relevant information the
				department may request;
(3) the verifier can identify the geographic
				area being served; and
(4) the
				verifier provides a statement that expresses a commitment to promoting
				energy-efficient green building with the highest standard of
				excellence.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 34 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.34.11 - VERIFICATION OF THE ALTERNATIVE METHOD USED FOR THE ENERGY REDUCTION REQUIREMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. In
				the event the sustainable commercial building is a building type that is not
				available in target finder and the applicant uses an alternative method to
				establish the energy reduction requirement, the applicant shall include the
				following information in addition to the other application requirements:
(1) a narrative describing the methodology
				used;
(2) the kilo british thermal
				units per square foot per year for all buildings, real or modeled, used as a
				basis of comparison, broken out by all energy sources, and including the
				percent of use for each energy source; and
(3) all formulas, assumptions and other
				explanation necessary to clarify how the kilo british thermal units per square
				foot per year for this project was derived.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 34 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.34.12 - APPLICATION REVIEW PROCESS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department considers applications in
				the order received, according to the day they are received, but not the time of
				day.
B. The department approves or
				disapproves an application package following the receipt of the complete
				application package. The department disapproves an application that is not
				complete or correct. The department's disapproval letter shall state the
				reasons why the department disapproved the application. The applicant may
				resubmit the application package for the disapproved project. The department
				places the resubmitted application in the review schedule as if it were a new
				application.
C. The department
				reviews the application package to calculate the maximum 2015 sustainable
				building tax credit, check accuracy of the applicant's documentation and
				determine whether the department issues a certificate of eligibility for the
				2015 sustainable building tax credit.
D. If an applicant has claimed a solar market
				development tax credit (in effect January 1, 2006, through December 31, 2016)
				that solar system cannot be used to meet the requirements of either the
				certification level applied for, or the energy reduction achieved. If an
				applicant has received a solar market development tax credit for a system that
				is used to meet the requirements of the certification level applied for or the
				energy reduction achieved, the department shall disapprove the application for
				the 2015 sustainable building tax credit. The applicant may submit a revised
				application package to the department that does not include the electricity
				projected to be generated by the solar system. The department places the
				resubmitted application in the review schedule as if it were a new
				application.
E. If the department
				finds that the application package meets the requirements and a 2015
				sustainable building tax credit is available, the department issues the
				certificate of eligibility for a 2015 sustainable building tax credit. If a
				2015 sustainable building tax credit is partially available or not available,
				the department issues a certificate of eligibility for any amount that is
				available and a certificate of eligibility for the balance for the next taxable
				year except in the last year that the tax credit is in effect. The notification
				shall include the taxpayer's contact information, taxpayer identification
				number, certificate of eligibility number or numbers, the rating system
				certification level awarded to the building, the amount of qualified occupied
				square footage in the building and calculation of the maximum amount of the
				2015 sustainable building tax credit for which the owner would be
				eligible.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 34 - 2015 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.34.14 - CLAIMING THE STATE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
To claim the 2015 sustainable building tax credit, an
				  applicant shall submit all certificates of eligibility to the taxation and
				  revenue department within 30 days of the department's issuance, along with a
				  completed form provided by the taxation and revenue department, and any other
				  information the taxation and revenue department requires. The applicant shall
				  submit the certificate to the taxation and revenue department no later than
				  December 31, 2024.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
3.3.35 NMAC applies to the application and certification
				  procedures for administration of the 2021 sustainable building tax credit for
				  sustainable residential buildings, sustainable commercial buildings, the
				  renovation of existing buildings, the permanent installation of manufactured
				  housing or the installation of energy-conserving products to existing
				  buildings.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
3.3.35 NMAC is established under the authority of Section
				  7-2-18.32 and Subsection E of 9-1-5 NMSA 1978.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 12, 2022, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
3.3.35 NMAC's objective is to establish procedures for
				  administering the program to issue a certificate of eligibility for the 2021
				  sustainable building tax credit for sustainable residential and commercial
				  buildings, renovation of existing buildings or the installation of
				  energy-conserving products to existing buildings.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For additional definitions refer to Sections 7-2-18.32 NMSA
				  1978.
A.
"Annual cap"
means the annual total amount of the 2021 sustainable building tax credit
				available to taxpayers owning sustainable buildings.
B.
"Applicant"
means a taxpayer
				who owns a sustainable residential or commercial building or manufactured
				housing or who has renovated an existing building or installed
				energy-conserving products in New Mexico and who desires to have the department
				issue a certificate of eligibility for a 2021 sustainable building tax
				credit.
C.
"Application
				package"
means the documents an applicant submits to the department to
				apply for a certificate of eligibility for a 2021 sustainable building tax
				credit.
D.
"Build green New
				Mexico certification"
means the verification by a department-approved
				verifier that a building project has met certain prerequisites and performance
				benchmarks or credits within each category of the build green New Mexico rating
				system resulting in the issuance of a certification document.
E.
"Build green New Mexico rating
				system"
means the certification standards adopted by build green New
				Mexico in November 2014, which includes water conservation standards.
F.
"Building project"
means a
				new construction of a sustainable commercial or residential building,
				installation of manufactured housing, renovation of an existing building or
				installation of energy conserving products to existing buildings.
G.
"Building type"
means the
				primary use of a building or section of a building as defined in target
				finder.
H.
"Certificate of
				eligibility"
means the document with a unique identifying number that
				specifies the specific physical address for the approved 2021 sustainable
				building tax credit, the rating system certification level awarded to the
				building, the amount of qualified occupied square footage, a calculation of the
				maximum amount of the 2021 sustainable building tax credit for which the owner
				would be eligible, the date of issuance and the first taxable year the credit
				shall be claimed.
I.
"Certification level"
means one of the following:
(1) LEED-H gold or build green New Mexico
				gold;
(2) LEED-H platinum or build
				green New Mexico emerald;
(3)
				LEED-NC gold;
(4) LEED-NC
				platinum;
(5) LEED-EB (O&M) or
				LEED-CS gold;
(6) LEED-EB (O&M)
				or LEED-CS platinum;
(7) LEED-CI
				gold or LEED-CI platinum; and
(8)
				manufactured housing.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.9 - VERIFIER ELIGIBILITY FOR ALL BUILDINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department reviews the qualifications
				for verifiers of the build green New Mexico or LEED-H certifications or LEED
				commercial buildings, which shall be provided annually to the department, based
				on the following criteria:
(1) the verifier
				is independent from the homebuilders or homeowners or commercial building
				owners that may apply for certification;
(2) the verifier has adequate staff and
				expertise to provide certification services, including:
(a) experience in green home building and
				commercial building services;
(b)
				ability to enlist and serve builders and provide training, consulting and other
				guidance as necessary;
(c) a method
				of auditing the certification process to maintain adequate stringency;
				and
(d) ability to administer the
				program and report on the certifications, audits and other relevant information
				the department may request;
(3) the verifier can identify the geographic
				area being served; and
(4) the
				verifier provides a statement that expresses a commitment to promoting
				energy-efficient green building with the highest standard of
				excellence.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 35 - 2021 SUSTAINABLE BUILDING TAX CREDIT › Section 3.3.35.15 - CLAIMING THE STATE TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
To claim the 2021 sustainable building tax credit, an
				  applicant shall submit all certificates of eligibility to the taxation and
				  revenue department within 30 days of the department's issuance, along with a
				  completed form provided by the taxation and revenue department, and any other
				  information the taxation and revenue department may require.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This part applies to every domestic corporation and to every
				  foreign corporation employed or engaged in the transaction of business in, into
				  or from New Mexico or deriving any income from any property or employment in
				  New Mexico.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 23, 2021, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Corporate Income and Franchise Tax
				  Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.8 - CITATION OF REGULATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Unless otherwise stated, all citations of statutes in Title
				  3, Chapter 4 NMAC pertaining to the Corporate Income and Franchise Tax Act are
				  to the New Mexico Statutes Annotated, 1978 (NMSA 1978).
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.10 - INCOME FROM OBLIGATIONS OF GOVERNMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Income from United States government
				obligations.
(1) Income from obligations
				issued by the United States are not includable in net income.
(2) Because they are not obligations of the
				United States, income from investment in the following is includable in net
				income:
(a) financial instruments guaranteed
				by the federal national mortgage association ("Fannie Maes"), the government
				national mortgage association ("Ginnie Maes"), the federal national home loan
				association ("Freddie Macs") and any similar organization whose income states
				are not prohibited by federal law from subjecting to income taxation;
(b) financial instruments issued by the
				college construction loan insurance corporation or the national consumer
				cooperative bank;
(c) agreements
				("repo's") to sell and repurchase United States government obligations;
				and
(d) agreements ("reverse
				repo's") to purchase and resell United States government obligations.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.11 - BASE INCOME FOR FILING AS A SEPARATE CORPORATE ENTITY

Current through Register Vol. 35, No. 13, July 16, 2024
For a corporation filing a separate return for taxable years
				  beginning before January 1, 2020 and for a corporation that is not part of a
				  unitary group or is required to file a separate return under Regulation
				  3.4.10.16 for taxable years beginning on or after January 1, 2020, that
				  corporation's base income base income shall be determined by completing a
				  simulated federal corporate income tax return for the separate corporation. In
				  completing the simulated federal return, only the income and expenses of the
				  separate corporation will be allowed. The simulated return shall be prepared as
				  if the corporate entity were filing a federal return as a separate corporation
				  and not as a corporation included in a consolidated return. All provisions of
				  the Internal Revenue Code which would apply to the filing as a separate
				  corporation shall apply to the completion of the simulated return. Procedures
				  and adjustments allowed by the Internal Revenue Code which apply to the filing
				  of a federal consolidated return concerning the elimination of intercompany
				  transactions or the sale or dissolution of one of the corporations within the
				  federal consolidated group shall not be allowed when completing the simulated
				  federal return for New Mexico income tax purposes. In no case shall a net
				  operating loss established for the corporation reporting on a separate
				  corporation basis be excluded from the base income of any other corporation or
				  from the base income reported on any combined or consolidated return for any
				  group of corporations except as a net operation loss carryover deduction to the
				  extent allowable under Section
				  7-2A-2 NMSA 1978, and
				  applicable federal limitations.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.12 - FOREIGN SOURCE DIVIDENDS - PRIOR TO JANUARY 1, 2020

Current through Register Vol. 35, No. 13, July 16, 2024
A. Foreign source dividends, as the term is
				used under federal law, received by a corporation reporting to New Mexico as a
				separate entity are wholly or partially excludable from the corporation's base
				income as follows:
(1) Seventy percent of the
				dividends included on lines 13 and 14, schedule C, federal form 1120 received
				from corporations owned less than twenty percent by the reporting corporation
				but only if those dividends would have been subject to the seventy percent
				deduction under
				26 U.S.C. Section
				243(a)(1) had the payor of
				the dividends been a domestic corporation.
(2) Eighty percent of the dividends included
				on lines 13 and 14, schedule C, federal form 1120 received from corporations
				owned twenty percent to eighty percent by the reporting corporation but only if
				those dividends would have been subject to the eighty percent deduction under
				26 U.S.C. Section
				243(c) had the payor of the
				dividends been a domestic corporation.
(3) One hundred percent of the dividends
				included on lines 13 and 14, schedule C, federal form 1120 received from
				corporations owned more than eighty percent by the reporting corporation but
				only if those dividends would have been subject to the one hundred percent
				deduction under
				26 U.S.C. Section
				243(a)(3) had the payor of
				the dividends been a domestic corporation.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.13 - FOREIGN SOURCE DIVIDENDS AFTER JANUARY 1, 2020

Current through Register Vol. 35, No. 13, July 16, 2024
For tax years beginning on or after January 1, 2020, "base
				  income" under Section
				  7-2A-2 NMSA 1978
				  includes special deductions allowed under the Internal Revenue Code Sections
				  241 through 249 including the deduction for foreign source dividends under
				  Section 245A.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.4.1.14 - UNITARY BUSINESS

Current through Register Vol. 35, No. 13, July 16, 2024
The definition of a "unitary group" under Section
				  7-2A-2 NMA1978 rests
				  on the underlying concept of "unitary business", which reflects the general
				  constitutional principles that have been set out by the U.S. Supreme Court and
				  is meant to be applied consistent with those constitutional principals. See, in
				  particular,
Mobil Oil Corp. v. Comm'r of Taxes of Vt.
, 455
				  U.S. 425, 438 (1980) where the court noted that a "separate accounting, while
				  it purports to isolate portions of income received in various states, may fail
				  to account for contributions to income resulting from functional integration,
				  centralization of management, and economies of scale." The court then
				  characterized these as "factors of profitability" which "arise from the
				  operation of the business as a whole." See also,
MeadWestvaco Corp. v.
				  Ill. Dep't of Revenue
, 553 U.S. 16, 18 (2008). There, the court
				  reiterated past holdings that the unitary business principle as articulated
				  applies generally to entities, not assets, and that "an asset can be a part of
				  a taxpayer's unitary business even without a 'unitary relationship' between the
				  'payor and payee.'" The court went on to review its precedent saying, "where
				  the asset is another business, a unitary relationship's 'hallmarks' are
				  functional integration, centralized management, and economies of scale." When a
				  portion of a unitary business is conducted in New Mexico, the state has the
				  constitutional authority to impose tax on that portion of the income derived
				  from that business, provided that the tax is not discriminatory and is fairly
				  apportioned. The primary factors indicating an economically interdependent
				  business include centralized management, functional integration, and economies
				  of scale, which may be demonstrated by substantial flows of value between
				  components of the business as well as other similar indicia.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 3 - IMPOSITION AND LEVY OF TAXES › Section 3.4.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 3 - IMPOSITION AND LEVY OF TAXES › Section 3.4.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This part applies to every domestic corporation and to every
				  foreign corporation employed or engaged in the transaction of business in, into
				  or from New Mexico or deriving any income from any property or employment in
				  New Mexico.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 3 - IMPOSITION AND LEVY OF TAXES › Section 3.4.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1/15/97, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 3 - IMPOSITION AND LEVY OF TAXES › Section 3.4.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Corporate Income and Franchise Tax
				  Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 3 - IMPOSITION AND LEVY OF TAXES › Section 3.4.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Domestic
				corporation defined. For the purposes of the Corporate Income and Franchise Tax
				Act the term "domestic corporation" means any entity organized under the laws
				of New Mexico and subject to tax as a corporation under the provisions of the
				Internal Revenue Code. For the purposes of this subsection (3.4.3.7A NMAC), a
				partnership or similar entity, which is taxed as a corporation under the
				provisions of the Internal Revenue Code, is "organized under the laws of New
				Mexico" if the partnership agreement or similar instrument has been filed in
				the records of the county clerk of any county in New Mexico or if the entity
				maintains its principal place of business in New Mexico.
B. Foreign corporation defined. A "foreign
				corporation" is any entity which was organized under the provisions of the laws
				of any other state or foreign country and which is subject to tax as a
				corporation under the provisions of the Internal Revenue Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This part applies to every domestic corporation and to every
				  foreign corporation employed or engaged in the transaction of business in, into
				  or from New Mexico or deriving any income from any property or employment in
				  New Mexico.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
7/15/96, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Corporate Income and Franchise Tax
				  Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.9 - PREVIOUS TAXABLE YEAR DEFINED

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of Section
				  7-2A-9
				  NMSA 1978 the term "previous taxable year" shall not mean any period of time
				  less than a full twelve month or 52/53 week year for calendar or fiscal year
				  filers.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.11 - ESTIMATED TAX; APPLICATION TO FRACTIONAL YEARS

Current through Register Vol. 35, No. 13, July 16, 2024
Unless the secretary prescribes instructions requiring
				  estimated payments with respect to fractional years, Section
				  7-2A-9.1
				  NMSA 1978 does not apply to fractional years.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 9 - PAYMENT OF TAX › Section 3.4.9.12 - WHEN WITHHELD TAX NOT CONSIDERED ESTIMATED TAX

Current through Register Vol. 35, No. 13, July 16, 2024
Payment pursuant to the Oil and Gas Proceeds and Pass-Through
				  Entity Withholding Tax Act by an oil and gas proceeds remitter or pass-through
				  entity of withholding tax required to be withheld from payments to a remittee
				  or an owner relate to the remittee's or owner's income tax or corporate income
				  tax liability, not to the remitter's or pass-through entity's. Accordingly,
				  when a remitter or pass-through entity is a corporation that also has an
				  obligation to pay estimated tax pursuant to Section
				  7-2A-9.1
				  NMSA 1978, the corporation may not credit the amounts it withheld under Section
				  7-3A-3
				  NMSA 1978 from payments the corporation owes to remittees or owners against the
				  corporation's own estimated tax liability. See
				  3.3.5.17
				  NMAC for treatment of withholding owed by remitter or pass-through entity but
				  paid by remittee or owner pursuant to an agreement.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This part applies to every domestic corporation and to every
				  foreign corporation employed or engaged in the transaction of business in, into
				  or from New Mexico or deriving any income from any property or employment in
				  New Mexico.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
March 23, 2021, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Corporate Income and Franchise Tax
				  Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.11 - COMBINED RETURNS - PRIOR TO JANUARY 1, 2020

Current through Register Vol. 35, No. 13, July 16, 2024
A. Members of a combined group: A group of
				unitary corporations may include both domestic corporations and foreign
				corporations other than foreign corporations which are incorporated in a
				foreign country and are not engaged in trade or business in the United States
				during the taxable year. Such a group may file a state corporate income and
				franchise tax return using the combination of unitary corporations method if it
				otherwise meets the requirements of the Corporate Income and Franchise Tax Act
				and regulations thereunder.
B. Base
				income for members of a combined group.
(1)
				When a group of unitary corporations files a New Mexico corporate income and
				franchise tax return using the combination of unitary corporations method, the
				base income for the combined group of unitary corporations shall be determined
				by completing a simulated federal corporate income tax return. In completing
				the simulated federal return, only the income and expenses of the combined
				corporations will be allowed. The simulated return shall be prepared as if the
				combined group was filing a federal consolidated return including only the
				corporations in the unitary (combined) group.
(2) When completing the simulated federal
				return for New Mexico income tax purposes, all procedures and adjustments
				allowed by the Internal Revenue Code which apply to the filing of a federal
				consolidated return concerning the elimination of intercompany transactions or
				the sale or dissolution of one of the corporations within the federal
				consolidated group shall be allowed, but only for those transactions between
				members of the combined group of unitary corporations. No adjustments shall be
				made or allowed for transactions with any corporation that is not a member of
				the combined group of unitary corporations. Otherwise, all provisions of the
				Internal Revenue Code which would apply to the filing of a consolidated return
				shall apply to the completion of the simulated return for the combined group of
				unitary corporations.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.12 - CONSOLIDATED FILING ELECTION

Current through Register Vol. 35, No. 13, July 16, 2024
When a group of corporations has properly made an election to
				  file on a consolidated basis for New Mexico corporate income tax purposes, the
				  filing group must include all of the members of the group properly included in
				  the filed federal consolidated return.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.13 - INFORMATION RETURNS; RENTS AND ROYALTIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Persons paying rents and royalties from
				oil and gas properties located in New Mexico, who are required to file internal
				revenue service information return form 1099-MISC on such payments, shall file
				the rent and royalty information with the department in the manner stated
				below.
(1) Persons paying such rents and
				royalties on properties located in New Mexico are required to segregate the New
				Mexico rents and royalties paid from the rents and royalties paid everywhere
				and report only those rents and royalties from New Mexico properties to the
				department. The department will accept the information on magnetic media in
				lieu of paper returns. he magnetic media must comply with the internal revenue
				service reporting requirements for filing information returns.
(2) A person who has entered into an
				agreement with the internal revenue service identified as "consent for internal
				revenue service to release tax information" will be deemed to have complied
				with the filing requirements of this 3.4.10.13 NMAC.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.14 - COMPUTATION OF BASE AND NET INCOME - APPLICABLE TO PERIODS BEGINNING ON OR AFTER JANUARY 1, 2020

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Each corporate member of a unitary filing group computes its "base income" by
				determining the federal taxable income or federal net operating loss of the
				corporation on a separate corporate basis as though the member was a separate
				domestic entity for the taxable year, applying the Internal Revenue Code and
				applicable regulations. This base income is computed after deductions provided
				for in Sections 241 through 249 of the Internal Revenue Code but before any
				deduction for net operating losses. Then, before the base income of the unitary
				group is determined, the members make the following adjustments to federal
				taxable income or net operating loss:
(1)
				adding to that income:
(a) interest received
				on a state or local bond exempt under the Internal Revenue Code;
(b) the amount of any deduction claimed in
				calculating taxable income for all expenses and costs directly or indirectly
				paid, accrued or incurred to a captive real estate investment trust;
				and
(c) the amount of any
				deduction, other than for premiums, for amounts paid directly or indirectly to
				a commonly controlled entity that is exempt from corporate income tax pursuant
				to Section
				7-2A-4 NMSA 1978;
				and
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.15 - NET OPERATING LOSSES OF FILING GROUPS - APPLICABLE TO TAXABLE YEARS BEGINNING ON OR AFTER JANUARY 1, 2020

Current through Register Vol. 35, No. 13, July 16, 2024
A. In general, for taxable years beginning on
				or after January 1, 2020, New Mexico provides that net operating loss
				carryovers be computed on a post-apportioned basis and that the carryover be
				treated as an attribute of the unitary group, subject to the limitations under
				the Internal Revenue Code, including the consolidated filing regulations
				applied to the New Mexico unitary filing group as though it was the federal
				consolidated group.
B. A unitary
				filing group calculates its net operating loss carryover as follows:
(1) determining the amount of "grandfathered
				net operating loss carryover," if any, by:
(a)
				identifying the amount of net loss properly reported to New Mexico for taxable
				years beginning January 1, 2013 and prior to January 1, 2020 as part of a
				timely filed original return, or an amended return for those taxable years
				filed prior to January 1, 2020, that can be attributed to a corporation or
				corporations which are properly included in the taxpayer's return for the first
				taxable year beginning on or after January 1, 2020;
(b) reducing each loss identified by:
(i) adding back deductions for royalties or
				interest paid to any related corporation or group of corporations in computing
				the loss, but only to the extent that such adjustment would not create a net
				loss for that related corporation or group; and
(ii) subtracting net operating loss
				deductions taken prior to January 1, 2020 that would be properly charged
				against those losses consistent with the Internal Revenue Code and provisions
				of the Corporate Income and Franchise Tax Act applicable to the year of the
				deduction; and.
(c)
				apportioning any remaining loss to New Mexico using the apportionment factors
				that can properly be attributed to the corporation or corporations for the year
				of the net loss.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 10 - RETURNS AND REPORTING METHODS › Section 3.4.10.16 - OBLIGATION OF EXCLUDED CORPORATIONS TO FILE A RETURN

Current through Register Vol. 35, No. 13, July 16, 2024
When a unitary group of corporations files a return, whether
				  it is a worldwide, water's edge, or consolidated group return, if that return
				  properly excludes one or more related corporations, those corporations are not
				  relieved of the obligation to file tax returns and pay any tax owed on a
				  separate entity basis. These corporations may separately elect to file a
				  worldwide or water's edge return as a unitary group only if that return will
				  include all corporations that are properly a part of that unitary group. In
				  computing base income and net income, the corporation or corporations that
				  properly file in a separate return from related corporations will not eliminate
				  or defer intercompany transactions with those related
				  corporations.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This part applies to every domestic corporation and to every
				  foreign corporation employed or engaged in the transaction of business in, into
				  or from New Mexico or deriving any income from any property or employment in
				  New Mexico.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1/15/97, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Corporate Income and Franchise Tax
				  Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.8 - CREDIT FOR PRESERVATION OF CULTURAL PROPERTY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Cultural property credit defined. The
				preservation of cultural property credit is a credit against a taxpayer's New
				Mexico corporate income tax due for amounts expended in the restoration,
				rehabilitation and preservation of cultural property owned by the taxpayer and
				listed on the official New Mexico register of cultural properties; see Part
				4.10.9 NMAC. A corporation that files a New Mexico corporate income tax return
				may claim a credit against New Mexico corporate income tax due in an amount
				equal to one-half of the cost of the restoration, rehabilitation or
				preservation of the cultural property, not to exceed a maximum of twenty-five
				thousand dollars ($25,000).
B.
				Filing requirements.
(1) The claim for the
				cultural property credit shall consist of a copy of the letter of
				certification, a copy of Form B, part 2 from the cultural properties review
				committee and a copy of the invoices or a statement from the contractor(s)
				showing the cost incurred for the year of the claim.
(2) The claim must be submitted with and
				attached to the New Mexico corporate income tax return for the year or years in
				which the restoration, rehabilitation or preservation is carried out.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.9 - CORPORATE-SUPPORTED DAY CARE CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. Dependent defined. Dependent for purposes
				of Section
				7-2A-14
				NMSA 1978 is a child under the age of twelve years who is a dependent as
				defined in Section 152 of the Internal Revenue Code, as amended or renumbered,
				and also includes a child of divorced or legally separated parents where the
				parents meet all the requirements of Section 44A(f)5 of the Internal Revenue
				Code, as amended or renumbered.
B.
				Allowable credit; partial offset.
(1) Any
				receipts of a corporation from an employee for the use of the child care
				facility shall be considered as a reduction of the allowable expenses for
				computing the child care credit.
(2) Example: The Spruce corporation receives
				from employees a nominal fee for use of the child care facility provided by the
				corporation. The total expenses incurred by the corporation in this taxable
				year were $12,000. The receipts from the employees amount to $600. Therefore,
				the allowable tax credit to the corporation is $3,420 computed as follows:
Total expenses incurred
$ 12,000
Less: Receipts from employees
- 600
Net expenses paid
$ 11,400
At 30%, Allowable credit
$ 3,420
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.10 - QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
No qualified business facility
				rehabilitation credit allowed for cultural or historic properties.
No
				qualified business facility rehabilitation credit will be allowed for any
				qualified business facility that is also:
(1)
				a building listed on the official New Mexico register of cultural properties;
				see Part 4.10.9 NMAC; or
(2) a
				building listed on the national register or determined to be contributing to a
				national register district.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 14 - TAX CREDITS › Section 3.4.14.11 - TAX CREDITS; APPLICATION TO UNITARY GROUPS

Current through Register Vol. 35, No. 13, July 16, 2024
With respect to taxable years beginning on or after January
				  1, 2020, when any corporation properly files as part of a worldwide, water's
				  edge or consolidated return, if that corporation has qualified for and
				  continues to hold an unused amount of New Mexico tax credit that it could
				  properly take against its tax liability in a particular taxable year, then that
				  unused amount of tax credit may be applied against the tax liability of the
				  unitary group in accordance with the law applicable to that credit. Any other
				  limitations on the credit apply in the same manner to the unitary group as they
				  would apply to the corporation that holds the credit
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.16 NMAC applies to the application and certification
				  procedures for administration of the sustainable building tax credit for
				  sustainable residential buildings.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
3.4.16 NMAC is established under the authority of NMSA 1978,
				  Section
				  7-2A-21
				  and NMSA 1978, Section
				  9-1-5.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 4 - CORPORATE INCOME TAXES › Part 16 - SUSTAINABLE BUILDING TAX CREDIT FOR RESIDENTIAL BUILDINGS › Section 3.4.16.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 31, 2007, unless a later date is cited at the end of
				  a section.