New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 33 - CERTIFICATION FOR TAX CREDIT FOR AGRICULTURAL BIOMASS
Section 3.3.33.8 - GENERAL PROVISIONS

Universal Citation: 3 NM Admin Code 3.3.33.8

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

A. The agricultural biomass personal income tax credit is available to taxpayers filing a personal income tax return for taxable years beginning on or after January 1, 2011 and ending prior to January 1, 2030. Certificates of transportation pursuant to 3.3.33 NMAC may be issued by the department for agricultural biomass transported during taxable years beginning on or after January 1, 2011 and ending prior to January 1, 2030.

B. The amount of the agricultural biomass income tax credit is calculated at $5.00 per wet ton. The maximum amount of the annual combined total of all agricultural biomass income tax credits and all agricultural biomass corporate income tax credits allowed is $5,000,000.

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