Form Pit-5 - New Mexico Qualified Business Facility Rehabilitation Credit
ADVERTISEMENT
1PIT-5
NEW MEXICO QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT
REV. 02/2008
Name
Social Security Number
Address
City / State / ZIP code
As provided by the New Mexico Economic Development Department, Enterprise Zone Program Officer:
Date of project approval: ___________________________
Project approval number: ________________________
Date of credit approval: ____________________________
Amount of credit approval: $ _____________________
Has credit for this project been claimed in any other taxable year?
NO
YES
If YES, indicate year(s) ______________________________
If the owner of the project is a partnership, limited liability corporation, S corporation, joint venture or similar business as-
sociation, list each owner, the New Mexico CRS identification number or social security number, and ownership percentage
of each partner or member.
Name
CRS I.D. Number
Ownership Percentage
a. _______________________________________ _________________________
______________________
b. _____________________________________
_________________________
______________________
c. _____________________________________
_________________________
______________________
d. _____________________________________
_________________________
______________________
1. Amount approved for credit this year ..................................................................................... $ ___________________
2. Amount approved for credit in prior years .............................................................................. $ ___________________
3. Total credit approved for this project (Line 1 plus Line 2) ...................................................... $ ___________________
50%
4.
Multiply by .............................................................................................................................
5. Enter the product of Line 3 x Line 4 OR $50,000, whichever is less ...................................
$ ___________________
This is the Maximum Qualified Business Facility Rehabilitation Credit available.
6. Credit claimed in prior years ................................................................................................
$ ___________________
7. Credit available this year (Line 5 minus Line 6) ...................................................................
$ ___________________
8. New Mexico liability (from Line 19, PIT-1 Form) prior to applying this credit .......................
$ ___________________
Enter the lesser of Line 7 or Line 8 of this form on Line 2 Schedule PIT-CR.
9. Credit available for carryover (Line 7 minus Line 8) ............................................................
$ ___________________
NOTE: Failure to attach this form and the approval from the New Mexico Enterprise Zone
Program Officer to your income tax return will result in denial of the credit claimed.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Legal