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.