New Mexico Administrative Code
Title 3 - TAXATION
Chapter 13 - BUSINESS TAX CREDITS
Part 21 - BIODIESEL BLENDING FACILITY TAX CREDIT
Section 3.13.21.8 - GENERAL PROVISIONS

Universal Citation: 3 NM Admin Code 3.13.21.8

Current through Register Vol. 35, No. 18, September 24, 2024

A. Only a taxpayer who on or after July 1, 2007 installs biodiesel blending equipment in New Mexico for the purpose of establishing or expanding a biodiesel blending facility may receive a certificate of eligibility for a biodiesel blending facility tax credit.

B. The biodiesel blending facility tax credit is an amount equal to 30 percent of the biodiesel blending equipment's purchase cost plus 30 percent of the biodiesel blending equipment's installation cost.

C. The biodiesel blending facility tax credit shall not exceed $50,000 for biodiesel blending equipment installed at any one facility.

D. The annual aggregate amount of the biodiesel blending facility tax credit available to taxpayers is limited to $1,000,000. When the $1,000,000 limit for rack operations is reached based on the total certificates of eligibility the department has issued and New Mexico department of taxation and revenue has recorded, the department shall:

(1) if part of the eligible biodiesel blending facility tax credit is within the annual cap and part is over the annual cap, issue a certificate of eligibility for the amount under the annual cap for the applicable taxable year and issue a certificate of eligibility for the balance for the subsequent taxable year; or

(2) if no biodiesel blending facility tax credit funds are available, issue a certificate of eligibility for the next subsequent taxable year in which funds are available.

E. In the event of a discrepancy between a requirement of 3.13.21 NMAC and an existing New Mexico taxation and revenue department rule promulgated before 3.13.21 NMAC's adoption, the existing rule governs.

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