Form Cit-5 - New Mexico Qualified Business Facility Rehabilitation Credit (Page 3 of 3) in pdf

Form Cit-5 - New Mexico Qualified Business Facility Rehabilitation Credit Page 3

CIT-5

NEW MEXICO QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT

Rev. 09/26/2012

INSTRUCTIONS

page 2

Line 8.

Credit available to the claimant during the current tax year. Subtract line 7 from line 6.

Line 9.

Credit applied to the current tax year. The credit applied to the current tax year cannot exceed line 8 or the

amount of New Mexico corporate income tax from Form CIT-1, line 12 or Form S-Corp, line 4.

Line 10.

Credit available to the claimant for carry forward to subsequent years. Subtract line 9 from line 8.

NOTE: The amount of the credit to be applied to the current return is reported on Schedule CIT-CR or S-Corp-CR.

HOW TO APPLY FOR THIS CREDIT: A taxpayer may claim this credit by attaching a completed Form CIT-5 to the cor-

porate income and franchise tax return 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, rehabilitation or renovation is carried out.

Mail the tax return and attachments to: New Mexico Taxation and Revenue Department,

P O Box 25127

Santa Fe, NM 87504-5127

CONTACTS:

For the New Mexico Enterprise Zone Program Officer, contact:

New Mexico Economic Development Department

Community Development Team Leader

1100 So. St. Francis Drive

Santa Fe, NM 87503

(505) 827-0089 or

Business Development Team Leader

(505) 827-1734

For information related to claiming the credit for qualified business facility rehabilitation against corporate income tax,

contact:

Taxation and Revenue Department

at (505) 827-0825 in Santa Fe, NM

or your local district office.

Form Cit-5 - New Mexico Qualified Business Facility Rehabilitation Credit Page 3