New Mexico Business Facility Rehabilitation Credit

Article ID: 34718  

Question
New Mexico Business Facility Rehabilitation Credit

Answer

The New Mexico Business Facility Rehabilitation Credit. Credit is available for some pre-approved costs of restoration, rehabilitation or renovation of a qualified business facility located in a New Mexico enterprise zone. The facility must be suitable for use and put into service in the manufacturing, distribution or service industry immediately following the restoration, rehabilitation or renovation project. This credit is for 50% of the pre-approved costs. It may not exceed $50,000.

Contact the Community Development Team Leader to obtain the Economic Development Department's advance approval and certification for your project.

For certification contact:
Economic Development Department
Community Development Team Leader
1100 So. St. Francis Drive
Santa Fe, NM 87503
(505) 827-0089 or
Business Development Team Leader
(505) 827-1734

Once certification is received from the New Mexico Enterprise Zone Program Officer, attach a completed Form PIT-5, Qualified Business Facility Rehabilitation, Schedule PIT-CR, and the certificate of completion issued by the New Mexico Enterprise Zone Program Officer to your Form PIT-1 and mail to the address on your income tax return.

For assistance claiming the credit, call TRD at (505) 827-0827.


Article Details
Views: 428 Created on: Jun 15, 2013