New Mexico Administrative Code
Title 3 - TAXATION
Chapter 13 - BUSINESS TAX CREDITS
Part 7 - ALTERNATIVE ENERGY PRODUCT MANUFACTURERS TAX CREDIT
Section 3.13.7.7 - DEFINITIONS: "SUBJECT TO DEPRECIATION" DEFINED
Universal Citation: 3 NM Admin Code 3.13.7.7
Current through Register Vol. 35, No. 18, September 24, 2024
For purposes of Section 7-9J-2 NMSA 1978 "subject to depreciation" means the taxpayer's federal income tax return must include a depreciation expense with respect to the manufacturing equipment for which an alternative energy product manufacturer's tax credit is sought or claimed. Equipment depreciated under the accelerated cost recovery system, Internal Revenue Code Section 168, and property for which the taxpayer makes an election under Internal Revenue Code Section 179 is "subject to depreciation".
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