SALT Report 1609 – The New Mexico Taxation and Revenue Department updated their publication that summarizes the business-related tax credits offered to corporations and individuals who meet certain eligibility requirements. Credits can be applied to the Combined Report System (CRS) gross receipts, compensating and withholding taxes and to the annual corporate and personal income taxes.
The tax credits are divided into three categories:
- Non-refundable – credit against existing tax liabilities only. An excess often can be carried forward,
- Refundable – credit that may be refunded under certain circumstances, and
- Transferable – credit that may be sold or exchanged as a business asset
The publication provides a summary of each tax credit’s details, eligibility requirements, qualifications for claiming the credit, credit amounts and limitations, and guidelines for applying for and claiming the credit.
Please note, many credits have limited eligibility periods and the Department will not consider claims for periods prior to dates stated in the legislation or claims that are filed after the deadline has passed.
For Further Information:
New Mexico Taxation and Revenue Department – FYI-106 Claiming Tax Credits