New Mexico Administrative Code
Title 17 - PUBLIC UTILITIES AND UTILITY SERVICES
Chapter 3 - UTILITIES FINANCIAL ACCOUNTING AND REPORTING-GENERAL PROVISIONS
Part 320 - UNIFORM ACCOUNTING PROCEDURES FOR ACCELERATED AMORTIZATION, LIBERALIZED DEPRECIATION, AND TAX CREDITS
Section 17.3.320.11 - ACCOUNTING PROCEDURES FOR FEDERAL INVESTMENT TAX CREDIT
Current through Register Vol. 35, No. 18, September 24, 2024
A. For gas utilities, accounting for the federal investment tax credit permitted by IRC Section 46 and applicable regulations shall be in accordance with the Federal Power Commission's Accounting Procedure for Investment Tax Credit, Order No. 289, as amended by Order No. 289-A issued November 2, 1964.
B. For electric and other utilities, accounting for the federal investment tax credit permitted by IRC Section 46 and applicable regulations shall be in accordance with the Federal Power Commission's Accounting Procedure for Investment Tax Credit, Order No. 290, issued December 17, 1964, all such orders having been issued under Federal Power Commission Docket Nos. R-231 and R-232.
C. Where the orders allow alternative accounting procedures, each utility shall advise the Commission which of the procedures it intends to use in accounting for tax benefits received because of the investment tax credit.
D. To the extent that NMPSC Rules 510, 610, and 710 [17.3.510 NMAC, 17.3.610 NMAC, and 17.12.1 NMAC] do not provide account numbers and titles for the accounting for the federal investment tax credit, the utility shall employ the account numbers and titles prescribed from time to time by the Federal Power Commission or its successor, the Federal Energy Regulatory Commission.
