New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 250 - DEDUCTION - GROSS RECEIPTS AND COMPENSATING TAXES - LOCOMOTIVE FUEL
Section 3.2.250.9 - REPORTING

Universal Citation: 3 NM Admin Code 3.2.250.9

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

A. Every taxpayer that claims a deduction under Section 7-9-110.1 NMSA 1978 shall report to the economic development department, on forms provided by the department, the following information no later than August 1 for the full year ending on the previous June 30:

(1) the amount of the deduction claimed;

(2) the number of permanent jobs created by the taxpayer as a result of the deductions claimed;

(3) the number of temporary jobs created by the taxpayer as a result of the deductions claimed; and

(4) an estimate of the net revenue to the state as a result of the deductions claimed.

B. Every taxpayer that claims a deduction under Section 7-9-110.2 NMSA 1978 shall report to the economic development department, on forms provided by the department, the amount of the deduction claimed, no later than 30 days after reporting the deduction to the taxation and revenue department.

C. If any deduction amount reported in Subsections A and B above is subsequently denied by the taxation and revenue department, the taxpayer must report the amount of the denial to the economic development department no later than 30 days after receiving notice of the denial or after the resolution of all administrative proceedings, whichever is later.

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