NMSA 1978, § 7-9F-13 — Taxpayer reporting requirement

A taxpayer claiming a credit pursuant to the Technology Jobs and Research and
Development Tax Credit Act shall file reports with the department. The reports shall be
submitted on or before June 30 of the year following a calendar year in which the
taxpayer claims a basic or additional credit and by June 30 of each of the two
succeeding years. The reports shall contain information describing the taxpayer's
business operations in New Mexico that is sufficient for the department to enforce the
recapture provision pursuant to Section 7-9F-11 NMSA 1978. If a taxpayer fails to
submit a required report, the amount of any basic or additional credit claimed for that
year shall be subject to the recapture provision.