Form Pit-5 - New Mexico Qualified Business Facility Rehabilitation Credit

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PIT-5
NEW MEXICO QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT
Rev. 09/10/2013
Social Security Number
Name of owner
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 PIT-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 or social security number, and
ownership percentage of each partner or member.
CRS I.D. Number
Name
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) ........................................ $ ___________________
4. Multiply by ..............................................................................................................................
50%
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
net New Mexico income tax (Form PIT-1, line 22) computed before applying this credit ...... $ ___________________
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.

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