N.M. Code R. § 19.26.2.19
A forty-year planning entity shall be allowed a water use planning period, not to exceed forty years, to acquire and hold water rights pursuant to Section 72-1-9 NMSA. A water development plan may be filed at any time. If a plan is not already on file, a water development plan shall be filed with an application to appropriate water or transfer a water right where the water right will be held unused or undeveloped pursuant to the plan.
F. Water rights held pursuant to plan: For permits for water rights acquired by forty-year planning entities pursuant to a forty-year plan, the state engineer may grant extensions of time which in combination extend the time allowed by the permit up to forty (40) years from the date of the application where:
(1) the planning entity acquires and holds the water right pursuant to a water development plan approved by the state engineer; and
(2) upon acquisition of the water right it files with the state engineer an application to change the place or purpose of use of the water right pursuant to the water development plan; and
(3) the quantity of water associated with the water right, together with the quantity of water associated with the other water rights and permits held pursuant to the plan, does not exceed the reasonably projected additional needs for water within forty years set out in the plan.
G. Permits for new appropriations held pursuant to plan: For permits for new appropriations for forty-year planning entities, the state engineer may grant extensions of time which in combination extend the time allowed by the permit up to forty (40) years from the date of the application where:
(1) the application is filed and the permit will be held pursuant to a water development plan approved by the state engineer; and
(2) the quantity of water authorized in the permit, together with the quantity of water associated with the water rights and other permits held pursuant to the plan, does not exceed the reasonably projected additional needs for water within the forty years set out in the plan.
[19.26.2.19 NMAC - N, 1/31/2005]