New Mexico Register / Volume XXXII,
Issue 6 / March 23, 2021
This is an amendment to 3.4.14 NMAC,
added Section 11, effective 3/23/2021.
3.4.14.11 TAX CREDITS; APPLICATION TO UNITARY GROUPS: With respect to taxable
years beginning on or after January 1, 2020, when any corporation properly
files as part of a worldwide, water’s edge or consolidated return, if that
corporation has qualified for and continues to hold an unused amount of New
Mexico tax credit that it could properly take against its tax liability in a
particular taxable year, then that unused amount of tax credit may be applied
against the tax liability of the unitary group in accordance with the law
applicable to that credit. Any other
limitations on the credit apply in the same manner to the unitary group as they
would apply to the corporation that holds the credit.
[3.4.14.11 NMAC - N, 3/23/2021]