New Mexico Administrative Code › Title 3 - TAXATION › Chapter 13 - BUSINESS TAX CREDITS › Part 21 - BIODIESEL BLENDING FACILITY TAX CREDIT › Section 3.13.21.11 - CLAIMING THE BIODIESEL BLENDING FACILITY TAX CREDIT

Current through Register Vol. 35, No. 13, July 16, 2024
A. Upon receipt of a certificate of
				eligibility from the department, the taxpayer shall submit a completed form
				RPD-41339, biodiesel blending facility tax credit approval request form,to the
				taxation and revenue department. The taxpayer shall attach the certificate of
				eligibility received from the department and a copy of the invoice for the
				qualified equipment and installation costs. Once the taxation and revenue
				department notifies the taxpayer of approval for the biodiesel blending
				facility tax credit, the taxpayer may apply the biodiesel blending facility tax
				credit to gross receipts and compensating tax due. To apply the biodiesel
				blending facility tax credit, the taxpayer shall submit form RPD-41321,
				biodiesel blending facility tax credit claim form, along with a CRS-1 long form
				for the report period to which the taxpayer wishes to apply the biodiesel
				blending facility tax credit. Unused biodiesel blending facility tax credit may
				be carried forward for four years from the date the department issues the
				certificate of eligibility.
B. If a
				rack operator who has claimed biodiesel blending facility tax credit against
				gross receipts tax or compensating tax due ceases biodiesel blending without
				completing at least 180 days of availability of the facility within the first
				365 days after the department's issuance of a certificate of eligibility, the
				taxpayer shall notify taxation and revenue department that the taxpayer is no
				longer eligible for the approved biodiesel blending facility tax credit and
				that the liabilities for the reports to which the biodiesel blending facility
				tax credit had been applied are now due. The taxation and revenue department
				will extinguish any amount of the approved biodiesel blending facility tax
				credit not applied against the taxpayer's gross receipts tax or compensating
				tax liability and assess the taxpayer for the tax owed. The taxpayer shall pay
				the assessment within 425 days of the date of issuance of the certificate of
				eligibility. The taxpayer may still qualify for subsequent biodiesel blending
				facility tax credits, within the first 365 days after the department's issuance
				of the certificate of eligibility. When applying for biodiesel blending
				facility tax credits the taxpayer shall use only the CRS-1 long form.
C. Beginning with the taxable year on each
				certificate of eligibility, the taxation and revenue department applies 30
				percent of the amount on the certificate of eligibility against the applicant's
				gross receipts or compensating tax liability for four years, unless the amount
				is less than or equal to $50,000, in which case the taxation and revenue
				department applies the entire biodiesel blending facility tax credit in the
				taxable year on the certificate.
D.
				If the amount of the biodiesel blending facility tax credit the applicant
				claims exceeds the applicant's gross receipts or compensating tax liability,
				the applicant may carry the excess forward for up to four consecutive taxable
				years.