New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 250 - DEDUCTION - GROSS RECEIPTS AND COMPENSATING TAXES - LOCOMOTIVE FUEL
Section 3.2.250.8 - QUALIFICATIONS AND REQUIREMENTS

Universal Citation: 3 NM Admin Code 3.2.250.8

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

A. To be eligible for the deduction of receipts from the sale of fuel loaded or used by a common carrier in a locomotive engine from gross receipts, the sale shall be made to a common carrier that, after July 1, 2011, made a capital investment of one hundred million dollars ($100,000,000) or more in new construction or renovations at the railroad locomotive refueling facility in which the fuel is sold, and the common carrier shall deliver an appropriate nontaxable transaction certificate to the seller.

B. To be eligible for the deduction of the value fuel loaded or used by a common carrier in a locomotive engine in computing the compensating tax, the fuel shall be used or loaded by a common carrier that, after July 1, 2011, made a capital investment of one hundred million dollars ($100,000,000) or more in new construction or renovations at the railroad locomotive refueling facility in which the fuel is loaded or used.

C. A common carrier may request a certificate of eligibility from the economic development department to provide to the taxation and revenue department to establish eligibility for a nontaxable transaction certificate for the deduction of receipts from the sale of fuel loaded or used by a common carrier in a locomotive engine from gross receipts and for the deduction of the value of fuel loaded or used by a common carrier in a locomotive engine in computing the compensating tax.

(1) A common carrier shall apply to the economic development department for a certificate of eligibility on forms provided by the economic development department.

(2) Applications shall be considered in the order received.

(3) A common carrier requesting a certificate of eligibility from the economic development department shall provide such information as the economic development department deems necessary to determine that the common carrier has made a capital investment of one hundred million dollars ($100,000,000) or more in new construction or renovations at a railroad locomotive refueling facility after July 1, 2011.

(4) If the economic development department determines that a common carrier has applied for a certificate of eligibility on forms provided by the economic development department in the manner prescribed by these rules, made a capital investment of one hundred million dollars ($100,000,000) or more in new construction or renovations at the railroad locomotive refueling facility in which the fuel is sold, and complied with all reporting requirements, it shall issue a certificate of eligibility to the common carrier.

(5) The certificate of eligibility shall be dated.

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