New Mexico Administrative Code
Title 3 - TAXATION
Chapter 13 - BUSINESS TAX CREDITS
Part 5 - TECHNOLOGY JOBS TAX CREDIT
Section 3.13.5.10 - ELIGIBILITY REQUIREMENTS - ADDITIONAL CREDIT - ESTIMATES
Current through Register Vol. 35, No. 18, September 24, 2024
A. A taxpayer claiming the additional credit must compute annual payroll expense for the period specified in the application and must compute base payroll expense as of a date one year prior to the annual payroll date.
B. Because complete payroll data to calculate "annual payroll expense" and "base payroll expense" may not be available on the day the credit is applied for, a credit claimant may estimate the number of these two amounts on the credit application, provided that the claimant must provide the actual "annual payroll expense" and "base payroll expense" amounts within forty-five days from the end of the calendar quarter in which the claim is applied for. The fact that an estimate is used in the claim must be clearly indicated. The department may withhold approval of the claim until the correct numbers are provided and will deny the claim if the correct numbers are not provided.
