N.M. Admin. Code § 3.4.20.8

Current through Register Vol. 35, No. 20, October 22, 2024

Section 3.4.20.8 - GENERAL PROVISIONS

A. The agricultural biomass corporate income tax credit is available to taxpayers filing a corporate income tax return for taxable years beginning on or after January 1, 2011 and ending prior to January 1, 2030. Certificates of transportation pursuant to 3.4.20 NMAC may be issued by the department for agricultural biomass transported during taxable years beginning on or after January 1, 2011 and ending prior to January 1, 2030.

B. The amount of the agricultural biomass income tax credit is calculated at $5.00 per wet ton. The maximum amount of the annual combined total of all agricultural biomass personal income tax credits and all agricultural biomass corporate income tax credits allowed is $5,000,000.

3.4.20.8 NMAC - N, 2/29/2012, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 9/29/2020