NMSA 1978, § 7-9I-2 — Definitions

As used in the Affordable Housing Tax Credit Act:

# A.

"affordable housing project" means land acquisition, construction, building
acquisition, remodeling, improvement, rehabilitation, conversion or weatherization for
residential housing that is approved by the authority and that includes single-family
housing or multifamily housing;

# B.

"authority" means the New Mexico mortgage finance authority;

# C.

"department" means the taxation and revenue department;

# D.

"modified combined tax liability" means the total liability for the reporting period
for the gross receipts tax imposed by Section 7-9-4 NMSA 1978 together with any tax
collected at the same time and in the same manner as the gross receipts tax, such as
the compensating tax, the withholding tax, the interstate telecommunications gross
receipts tax, the surcharges imposed by Section 63-9D-5 NMSA 1978 and the
surcharge imposed by Section 63-9F-11 NMSA 1978, minus the amount of any credit
other than the affordable housing tax credit applied against any or all of these taxes or
surcharges; but "modified combined tax liability" excludes all amounts collected with
respect to local option gross receipts taxes and governmental gross receipts taxes; and

# E.

"person" means an individual, tribal government, housing authority, corporation,
limited liability company, partnership, joint venture, syndicate, association or nonprofit
organization.