Form Cit-5 - Qualified Business Facility Rehabilitation Credit - 2015 Page 3
ADVERTISEMENT
1
2
32015 CIT-5
NEW MEXICO TAXATION AND REVENUE DEPARTMENT
QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT
Rev 06/29/2015
INSTRUCTIONS
page 2
Line 9.
Credit applied to the current tax year. The credit
applied to the current tax year cannot exceed line
CONTACTS:
8 or the amount of New Mexico corporate income
Economic Development Department
tax from Form CIT-1, line 12 or Form S-Corp, line
1100 So. St. Francis Drive, Suite 1060
4.
Santa Fe, NM 87502
(800) 374-3061
Line 10. Credit available to the claimant for carry forward to
subsequent years. Subtract line 9 from line 8.
For information related to claiming the credit for qualified
business facility rehabilitation against corporate income tax,
contact:
NOTE: The amount of the credit to be applied to the cur-
rent return is reported on Schedule CIT-CR or S-Corp-CR.
Taxation and Revenue Department
at (505) 827-0792 in Santa Fe, NM.
HOW TO APPLY FOR THIS CREDIT
A taxpayer may claim this credit by attaching a completed
Form CIT-5 to the corporate income and franchise tax re-
turn or a sub-chapter S corporate income and franchise tax
return for the current year, along with Schedule CIT-CR or
S-Corp-CR. Also attach the approval issued by the New
Mexico Enterprise Zone Program Officer of the Economic
Development Department. The claim must be submitted with
the tax return for the year in which the restoration, rehabilita-
tion 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 25127, Santa Fe, NM
87504-5127.
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: Financial