us-nm/stat
NMSA 1978, § 7-9F-9.1 — Claiming the additional credit
A.
A taxpayer may apply for approval of an additional credit pursuant to the
Technology Jobs and Research and Development Tax Credit Act within one year
following the end of the taxable year in which the qualified expenditure was made.
B.
A taxpayer that has applied for and been granted approval for an additional credit
by the department pursuant to the Technology Jobs and Research and Development
Tax Credit Act may claim the amount of the approved additional credit against the
taxpayer's income tax or corporate income tax liability. Except as provided in
Subsection C of this section, no taxpayer may claim an amount of approved additional
credit for a taxable year in which the additional credit is being claimed that exceeds the
amount of the taxpayer's income tax or corporate income tax due for that taxable year.
C.
If a taxpayer is a qualified research and development small business and the
amount of approved additional credit for the taxable year in which the additional credit is
being claimed exceeds the taxpayer's income tax liability or corporate income tax
liability, the excess shall be refunded to the taxpayer pursuant to Paragraphs (1)
through (3) of this subsection. If the taxpayer's total qualified expenditures for the
taxable year for which the claim is made is:
(1) less than three million dollars ($3,000,000), the excess additional credit
shall be refunded to the taxpayer;
(2) greater than or equal to three million dollars ($3,000,000) and less than
four million dollars ($4,000,000), two-thirds of the excess additional credit shall be
refunded to the taxpayer; and
(3) greater than or equal to four million dollars ($4,000,000) and less than or
equal to five million dollars ($5,000,000), one-third of the excess additional credit shall
be refunded to the taxpayer.
D.
Any amount of approved additional credit not claimed against the taxpayer's
income tax or corporate income tax due for a taxable year or refunded to the taxpayer
may be claimed in subsequent reporting periods for a period of up to three years from
the date of the original claim.
E.
Married individuals filing separate returns for a taxable year for which they could
have filed a joint return may each claim only one-half of the additional credit that would
have been claimed on a joint return.
Source: official text