2019 New Mexico Statutes
Chapter 7 - Taxation
Article 9A - Investment Credit
Section 7-9A-7 - Value of qualified equipment.

A. Prior to July 1, 2020, the value of qualified equipment shall be the adjusted basis established for the equipment under the applicable provisions of the Internal Revenue Code of 1986.

B. After June 30, 2020, the value of qualified equipment shall be the purchase price of the equipment unless the equipment is introduced into New Mexico and has been owned for more than one year prior to its introduction into New Mexico by the taxpayer applying for the credit, in which case the value shall be the reasonable value of the equipment at the time of its introduction into New Mexico; provided that no taxpayer shall for any taxable year claim a value of qualified equipment greater than two million dollars ($2,000,000).

History: Laws 1979, ch. 347, § 7; 1983, ch. 206, § 5; 1990, ch. 3, § 5; 1991, ch. 159, § 5; 1991, ch. 162, § 5; 2001, ch. 57, § 3; 2001, ch. 337, § 3; 2009, ch. 147, § 2.

Cross references. — For the Internal Revenue Code of 1986, see 26 U.S.C.S. § 1 et seq.

Compiler's notes. — Laws 1999, ch. 36, § 1 amended Laws 1990, ch. 3, § 10, as amended by Laws 1992, ch. 17, § 1, Laws 1992, ch. 104, § 1, and Laws 1997, ch. 62, § 3, to change the effective date of Laws 1990, ch. 3, § 6 from January 1, 2000 to January 1, 2004.

Laws 2001, ch. 57, § 7 and Laws 2001, ch. 337, § 7 repealed Laws 1990, ch. 3, § 6, which would have been effective January 1, 2004 as provided by Laws 1999, ch. 36, § 1, effective June 15, 2001.

The 2009 amendment, effective June 19, 2009, in Subsections A and B, changed "July 1, 2011" to "July 1, 2020".

The 2001 amendment, effective June 15, 2001, inserted the Subsection A designation; added "Prior to July 1, 2011" to Subsection A; and added Subsection B.

The 1991 amendment, effective June 14, 1991, rewrote this section which read "The value of qualified equipment shall be the purchase price of the equipment unless the equipment is introduced into New Mexico and has been owned for more than one year prior to its introduction into New Mexico by the taxpayer applying for the credit, in which case the value shall be the reasonable value of the equipment at the time of its introduction into New Mexico."

The 1990 amendment, effective January 1, 1991, deleted "provided that no taxpayer shall for any taxable year claim a value of qualified equipment greater than two million dollars ($2,000,000)" at the end of the section.