Varies
Amount varies
Tax Credit
Reduces tax liability
Rolling
No fixed cutoff
Annual tax return
Claim with year-end filing
Moderate
File with tax return
Credit of 5.125% on the compensating tax owed on equipment purchases by New Mexico manufacturers. Covers machinery, equipment, and computers used directly in manufacturing. This effectively exempts manufacturers from most of the gross receipts tax on qualifying purchases.
Do I qualify?
Answer the questions below to get an instant self-assessment of your fit for this program. This is informational — final determinations are made by the administering agency.
1.Business must be a manufacturer in New Mexico
2.Applies to compensating tax on equipment, machinery, and computers
3.Credit equals 5.125% of the value of qualifying property
4.Equipment must be used directly in manufacturing
5.Annual filing with New Mexico TRD required
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