Form Pit-5 - Qualified Business Facility Rehabilitation Credit

2015 PIT-5

NEW MEXICO TAXATION AND REVENUE DEPARTMENT

Rev. 06/29/2015

QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT

INSTRUCTIONS

page 2

this project. Enter the amount of credit claimed in

CONTACTS

previous years, for this project.

Economic Development Department

Line 8.

Credit available to the claimant during the current

1100 So. St. Francis Drive, Suite 1060

tax year. Subtract line 7 from line 6.

Santa Fe, NM 87502

Line 9.

Credit applied to the current tax year. The credit

(800) 374-3061

applied to the current tax year cannot exceed line

8 or the amount of net New Mexico income tax

For information related to claiming the credit for qualified

from Form PIT-1, line 21, computed before apply-

business facility rehabilitation against personal income tax,

ing the credit.

contact:

Line 10. Credit available to the claimant for carry forward

Taxation and Revenue Department

to subsequent years. Subtract line 9 from line 8.

at (505) 827-0792 in Santa Fe, NM

or your local district office.

NOTE: The amount of the credit to be applied to the current

return is reported on Schedule PIT-CR or FID-CR.

If claiming the credit on the fiduciary income tax return, mail

the return and attachments to the address on Form FID-1.

HOW TO APPLY FOR THIS CREDIT

A taxpayer may claim this credit by attaching a completed

Form PIT-5 to the personal income tax return or the fiduciary

income tax return for the current year, along with Schedule

PIT-CR or FID-CR. Also attach the approval issued by the

New Mexico Enterprise Zone Program Officer of the Eco-

nomic Development Department. The claim must be submit-

ted with the tax return for the year in which the restoration,

rehabilitation or renovation is carried out.

NOTE: This credit is not currently available. It was enacted

in 1994 to administer the Federal Enterprise Zone Program

supporting the renovation and rehabilitation of damaged or

destroyed structures in community areas designated as enter-

prise zones. However, the Federal Enterprise Zone Program

has been discontinued and after 2006, the New Mexico EDD

has listed the New Mexico Enterprise Zone Program as an

inactive program.

For more information on building revitalization programs in

New Mexico, contact the New Mexico EDD at (505) 827-0300.

Mail the tax return and attachments to: New Mexico Taxation

and Revenue Department, P.O. Box 25122, Santa Fe, NM

87504-5122.

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.

Form Pit-5 - Qualified Business Facility Rehabilitation Credit - 2015 Page 3

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