N.M. Code R. § 3.13.4.9 – Credit Transferable - Transfer Requirements

A. Any amount of rural job tax credit claimed and approved may be applied by the claimant only against the claimant’s modified combined tax liability, as that term is defined in Section 7-2E-1 NMSA 1978, and personal or corporate income tax owed by the claimant. If any amount of approved credit is sold, exchanged or otherwise transferred to another person, that person may apply the credit amount transferred only against that person’s modified combined tax liability, as that term is defined in Section 7-2E-1 NMSA 1978, and personal or corporate income tax owed by that person. No credit will be approved with respect to employment prior to July 1, 2000.
B. No person who has received approval for a certain amount of rural job tax credit may sell to any other person more than the amount approved or more than the amount approved less amounts claimed and allowed.
C. The sale, exchange or other transfer of an amount of rural job tax credit is not effective and will not be honored by the department unless the seller notifies the department in writing of the fact of the proposed sale, exchange or other transfer, the name, address, taxpayer identification number and telephone number of the person to whom the credit is being sold, exchanged or transferred and the amount of credit being sold, exchanged or transferred. The department will compare the credit amount the department records show as unclaimed with the amount proposed to be sold, exchanged or transferred. if the credit amount shown on department records is less than the amount proposed to be transferred, the department will notify both parties in writing of that fact.
[2/14/00; 3.13.4.9 NMAC - Rn & A, 3 NMAC 13.4.9, 6/29/01]