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New Mexico Credit for Electronic Identification Card Reader

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Question
New Mexico Credit for Electronic Identification Card Reader

Answer

Beginning with tax year 2001, a one-time income tax credit is available for businesses that purchase electronic identification card readers. A business may claim this credit on its New Mexico personal income tax return or corporate income and franchise tax return if: 1) the business is licensed to sell cigarettes, tobacco products or alcoholic beverages, and 2) the business has purchased and has in use equipment that electronically reads identification cards to verify age. The amount of the credit is $300 for each business location using electronic identification card readers.

Married individuals filing separate returns may each claim only one-half the allowable credit amount. A partnership or other business association of which the taxpayer is a member may claim a credit only in proportion to the taxpayer’s interest in the partnership or association. The total credit claimed by all members of the partnership or association may not exceed $300 dollars for each business location.

This non-refundable credit must be claimed in the taxable year the equipment was purchased and put into use. Excess amounts cannot be carried forward or back into another taxable year.

http://www.tax.newmexico.gov/Tax-Professionals/tax-credits-overview.aspx


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Views: 459 Created on: Jun 15, 2013
Date updated: Aug 18, 2015
Posted in: STATES, New Mexico

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