Form Cit-5 - Qualified Business Facility Rehabilitation Credit - 2015

ADVERTISEMENT

2015 CIT-5
NEW MEXICO TAXATION AND REVENUE DEPARTMENT
QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT
Rev 06/29/2015
Name of owner
Federal Employer Identification Number (FEIN)
CRS Identification Number
Physical address of property
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: $ _____________________
If you are claiming the credit for more than one project, complete a separate Form CIT-5 for each.
Has credit for this project been claimed in any other taxable year?
NO
YES
If YES, indicate year(s) ______________________________
SCHEDULE A
If the property upon which the project is performed is a partnership, limited liability corporation, S corporation, joint venture
or similar business association, list each owner; the New Mexico CRS identification number, social security number, or FEIN;
and ownership percentage of each partner or member.
Name
SSN
FEIN
Ownership Percentage
a. _____________________________________
________________ ________________ __________________
b. _____________________________________
________________ ________________ __________________
c. _____________________________________
________________ ________________ __________________
d. _____________________________________
________________ ________________ __________________
1. Project amount approved for the current tax year .................................................................. $ ___________________
2. Project amount approved in prior years ................................................................................. $ ___________________
3. Total amount approved for this project (The sum of lines 1 and 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 allowed for claimant. If applicable, multiply line 5 by the claimant's ownership
percentage from Schedule A above; otherwise, enter the amount from line 5. .................... $
7. Credit claimed by claimant in prior years for this project ....................................................... $ ___________________
8. Credit available to the claimant during the current tax year (Subtract line 7 from line 6) ...... $ ___________________
9. Credit applied to the current return. The credit applied may not exceed the amount of
New Mexico income tax (line 12, Form CIT-1 or line 4, Form S-Corp) .................................. $ ___________________
10. Credit available to the claimant for carryover (Subtract line 9 from line 8) ............................ $ ___________________
Unused credits may be carried forward for four consecutive years from the taxable year of the initial claim.
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

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 3