NMSA 1978, § 7-9F-11 — Recapture

If the taxpayer or a successor in business of the taxpayer ceases operations in New
Mexico for at least one hundred eighty consecutive days within a two-year period after
the taxpayer has claimed a basic credit or an additional credit at a facility with respect to
which the taxpayer has claimed the basic credit or the additional credit, the department
shall grant no further basic credit or additional credit to the taxpayer with respect to that
facility. In addition, any amount of approved basic credit not claimed against the
taxpayer's gross receipts tax, compensating tax or withholding tax and any amount of
approved additional credit not claimed against the taxpayer's income tax or corporate
income tax shall be extinguished, and within thirty days after the one hundred eightieth
day of the cessation of operations, the taxpayer shall pay the amount of any gross
receipts tax, compensating tax or withholding tax for which an approved basic credit
was taken and any income tax or corporate income tax against which an approved
additional credit was taken. For purposes of this section, a taxpayer shall not be
deemed to have ceased operations during reasonable periods for maintenance or
retooling or for the repair or replacement of facilities damaged or destroyed or during
the continuance of labor disputes.