NMSA 1978, § 7-9-58.1 — 7-9-58.1

Credit; gross receipts tax; sale of dyed special fuel used
for agricultural purposes.

# A.

Prior to July 1, 2029, a taxpayer who sells special fuel dyed in accordance with
federal regulations may claim a tax credit against gross receipts taxes due in an amount
equal to the amount of any gross receipts tax due on the receipt for sale; provided that:
(1) the taxpayer did not pass the amount of gross receipts tax on to the
person purchasing the special fuel; and
(2) the special fuel is sold to a person who states in writing in a manner that
the department may require that the person will use the special fuel primarily for
agricultural purposes and the gross receipts tax was not passed on to the person.

# B.

A taxpayer may claim the tax credit for the taxable period in which the special
fuel is sold. To receive the credit, the taxpayer shall apply to the department on forms
and in a manner prescribed by the department. The maximum aggregate amount of tax
credits that may be allowed in a fiscal year is ten million dollars ($10,000,000).
Completed applications shall be considered in the order received. Applications received
after the aggregate amount has been met shall not be approved.

# C.

That portion of the tax credit claimed by a taxpayer that exceeds the taxpayer's
gross receipts tax liability in the taxable period in which the credit is claimed shall not be
refunded to the taxpayer but may be carried forward for thirty-six consecutive taxable
periods.