2019 New Mexico Statutes
Chapter 7 - Taxation
Article 9A - Investment Credit
Section 7-9A-5 - Investment credit; amount; claimant.
The investment credit provided for in the Investment Credit Act is an amount equal to the percent of the compensating tax rate provided for in the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978] applied to the value of the qualified equipment and may be claimed by the taxpayer carrying on a manufacturing operation in New Mexico.
History: Laws 1979, ch. 347, § 5; 1983, ch. 206, § 3; 1990, ch. 3, § 2; 1991, ch. 159, § 4; 1991, ch. 162, § 4.
ANNOTATIONSCompiler's notes. — Laws 1991, ch. 159, § 8 and Laws 1991, ch. 162, § 8, effective June 14, 1991, repealed 7-9A-5 NMSA 1978, as enacted by Laws 1990, ch. 3, § 3, which was to become effective on January 1, 1994.
The 1991 amendment, effective June 14, 1991, deleted former Subsections B and C, relating to limitations on claims for investment credit, and made a related stylistic change. Laws 1991, ch. 159, § 4 enacted identical amendments to this section. The section was set out as amended by Laws 1991, ch. 162, § 4. See 12-1-8 NMSA 1978.
