NMSA 1978, § 7-9A-6 — Qualified equipment

Equipment not previously used in New Mexico and not previously approved for a
credit under the Investment Credit Act that is owned by the taxpayer or owned by the
United States or an agency or instrumentality thereof or the state or a political
subdivision thereof and leased or subleased to the taxpayer is qualified equipment if it is
in New Mexico and is incorporated or to be incorporated within one year into a
manufacturing operation.