If a taxpayer claims any amount of research and development small business tax credit with respect to a reporting period, the taxpayer may not claim any amount of approved investment credit with respect to that same period. If for the same reporting period an amount of investment credit is claimed in addition to any amount of research and development small business tax credit, the amount of investment credit will be disallowed by the department, which may result in an underpayment of tax. The taxpayer is not barred from applying for approval of new or additional investment credit with respect to qualified equipment purchased or introduced into New Mexico during that reporting period.

HISTORY OF 3.13.2 NMAC:

Pre-NMAC History: The material in this part was derived from that previously filed with the State Records Center:

R.D.-I.C. Regulation 3(C):1, Regulations Pertaining to the Investment Credit Act Subsection C of Section 7-9A-3 NMSA 1978, 8/1/84.

R.D.-I.C. Regulation 6:1, Regulations Pertaining to the Investment Credit Act Section 7-9A-6 NMSA 1978, 8/1/84.

R.D.-I.C. Regulation 7.1:1, Regulations Pertaining to the Investment Credit Act Subsection C of Section 7-9A-7.1 NMSA 1978, 8/1/84.

R.D.-I.C. Regulation 8:1, Regulations Pertaining to the Investment Credit Act Section 7-9A-8 NMSA 1978, 8/1/84.

TRD Rule IC-93, Regulations Pertaining to the Investment Credit Act, 2/17/94.

History of Repealed Material:

3 NMAC 13.6, Qualified Equipment - Repealed, 4/28/00.

3 NMAC 13.7, Employment Requirements - Repealed, 4/28/00.

3 NMAC 13.8, Credit for Taxes - Repealed, 4/28/00.

NMAC History:

3 NMAC 13.6, Qualified Equipment, filed 9/3/96.

3 NMAC 13.7, Employment Requirements, filed 9/3/96.

3 NMAC 13.8, Credit for Taxes, filed 9/3/96.

3.13.2 NMAC, Investment Tax Credit, filed 4/17/00.

[3.13.2.16 NMAC - N, 5/15/07]