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New Mexico Qualified Business Facility Rehabilitation Credit
Extracted from PDF file 2023-new-mexico-form-pit-5.pdf, last modified November 2016Qualified Business Facility Rehabilitation Credit
NEW MEXICO TAXATION AND REVENUE DEPARTMENT QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT Rev. 09/13/2016 PIT-5 Name of owner Social Security Number Physical address of property City / State / ZIP code As provided by the New Mexico Economic Development Department, Enterprise Zone Program Officer: Date of project approval: ___________________________ Project approval number: ________________________ Date of credit approval: ____________________________ Amount of credit approval: $ _____________________ If you are claiming the credit for more than one project, complete a separate Form PIT-5 for each. Has credit for this project been claimed in any other taxable year? NO YES If YES, indicate year(s) ______________________________ SCHEDULE A If the property upon which the project is performed is a partnership, limited liability corporation, S corporation, joint venture or similar business association, list each owner, the New Mexico CRS identification number or social security number, and ownership percentage of each partner or member. Name CRS I.D. Number Ownership Percentage a. _ ____________________________________ _________________________ ______________________ b. _____________________________________ _________________________ ______________________ c. _____________________________________ _________________________ ______________________ d. _____________________________________ _________________________ ______________________ 1. Project amount approved for the current tax year................................................................... $ ___________________ 2. Project amount approved in prior years.................................................................................. $ ___________________ 3. Total amount approved for this project (The sum of lines 1 and 2) ........................................ $ ___________________ 4. Multiply by .............................................................................................................................. 50% 5. Enter the product of line 3 x line 4 OR $50,000, whichever is less. This is the Maximum Qualified Business Facility Rehabilitation Credit available.................... $ ___________________ 6. Credit allowed for claimant. If applicable, multiply line 5 by the claimant's ownership percentage from Schedule A above; otherwise, enter the amount from line 5 ..................... $ 7. Credit claimed by claimant in prior years for this project ....................................................... $ ___________________ 8. Credit available to the claimant during the current tax year (Subtract line 7 from line 6) ...... $ ___________________ 9. Credit applied to the current return. The credit applied may not exceed the amount of net New Mexico income tax (Form PIT-1, line 21) computed before applying this credit ...... $ ___________________ 10. Credit available to the claimant for carryover (Subtract line 9 from line 8) ............................ $ ___________________ Unused credits may be carried forward for four consecutive years from the taxable year of the initial claim. NOTE: Failure to attach this form and the approval from the New Mexico Enterprise Zone Program Officer to your income tax return will result in denial of the credit claimed. Rev. 09/13/2016 PIT-5 NEW MEXICO TAXATION AND REVENUE DEPARTMENT QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT INSTRUCTIONS ABOUT THIS CREDIT NOTE: This credit is not currently available. It was enacted in 1994 to administer the Federal Enterprise Zone Program supporting the renovation and rehabilitation of damaged or destroyed structures in community areas designated as enterprise zones. However, the Federal Enterprise Zone Program has been discontinued and after 2006, the New Mexico EDD has listed the New Mexico Enterprise Zone Program as an inactive program. For more information on building revitalization programs in New Mexico, contact the New Mexico EDD at (505) 827-0300. The credit for qualified business facility rehabilitation is 50% of the costs of a project for the restoration, rehabilitation or renovation of qualified business facilities. Claims are limited to three consecutive years and shall not exceed $50,000. Any portion of the credit that remains unused at the end of the taxpayer's reporting period may be carried forward for four consecutive years. Each claim for a qualified business facility rehabilitation credit must be accompanied by certification from the New Mexico Enterprize Zone Program Officer. A taxpayer who files a New Mexico individual income tax return and who is not a dependent of another individual and who is the owner of a qualified business facility may claim the credit. A member/owner of a partnership, LLC, S corporation, joint venture or similar business association that has qualified for the qualified business facility rehabilitation credit may claim the credit in proportion to the taxpayer's interest in the business association. The member/owner must complete Section A. A taxpayer may claim this credit if: 1. the taxpayer submitted a plan and specifications for restoration, rehabilitation or renovation to the New Mexico Enterprise Zone Program Officer and received approval, and 2. the taxpayer received certification from the New Mexico Enterprise Zone Program Officer after completing the restoration, rehabilitation or renovation that it conformed to the plan and specifications. must have been vacant for the 24-month period immediately preceding the commencement of the restoration, rehabilitation or renovation project. "Restoration, rehabilitation or renovation" includes the construction services necessary to ensure that a building is in compliance with applicable zoning codes, is safe for occupancy, and meets the operating needs of a person in the manufacturing distribution or service industry; and expansion of or an addition to a building if the expansion or addition does not increase the usable square footage of the building by more than 10% of the usable square footage of the building prior to the restoration, rehabilitation or renovation project. NOTE: No qualified business facility rehabilitation credit is allowed for cultural or historic properties nor for costs qualifying for credit under the Investment Credit Act. HOW TO COMPLETE THIS FORM Complete all information requested in the address block. Enter the date of the project approval and the date of the credit approval. Also, enter the project approval number and the amount of the credit approved. Section A. Complete this section if the project is owned by one or more members/owners of a partnership, limited liability corporation, S corporation, joint venture or similar business association. If additional space is needed, attach a separate page. Line 1. Enter amount of the project that was approved for the current tax year. Line 2. Enter amount approved for the project in prior tax years, if applicable. Line 3. Enter the sum of lines 1 and 2. This is the total amount approved for this project. Line 4. Multiply line 3 by 50%. Line 5. Enter the product of line 3 x line 4 or $50,000 whichever is less. Line 6. Credit allowed for claimant. If applicable, multiply line 5 by the claimant's ownership percentage from Schedule A. If one or more members/owners of a partnership, limited liability corporation, S corporation, joint venture or similar business association own the property upon which the project is performed, the claimant may only claim an amount of a credit in proportion to the claimant's interest in the business association. The claimant is the taxpayer who is filing the New Mexico income tax return and claiming the credit on their return. Line 7. Credit claimed by the claimant in prior years for Married individuals who file separate returns for a reporting period in which they could have filed a joint return may each claim only one-half of the credit that would have been allowed on a joint return. "Qualified business facility" means a building located in a New Mexico enterprise zone that is suitable for use and is put into service by a person in the manufacturing, distribution or service industry immediately following the restoration, rehabilitation or renovation project; provided, the building page 1 PIT-5 Rev. 09/13/2016 NEW MEXICO TAXATION AND REVENUE DEPARTMENT QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT INSTRUCTIONS this project. Enter the amount of credit claimed in previous years, for this project. Line 8. Credit available to the claimant during the current tax year. Subtract line 7 from line 6. Line 9. Credit applied to the current tax year. The credit applied to the current tax year cannot exceed line 8 or the amount of net New Mexico income tax from Form PIT-1, line 21, computed before applying the credit. Line 10. Credit available to the claimant for carry forward to subsequent years. Subtract line 9 from line 8. NOTE: The amount of the credit to be applied to the current return is reported on Schedule PIT-CR or FID-CR. HOW TO APPLY FOR THIS CREDIT A taxpayer may claim this credit by attaching a completed Form PIT-5 to the personal income tax return or the fiduciary income tax return for the current year, along with Schedule PIT-CR or FID-CR. Also attach the approval issued by the New Mexico Enterprise Zone Program Officer of the Economic Development Department. The claim must be submitted with the tax return for the year in which the restoration, rehabilitation or renovation is carried out. NOTE: This credit is not currently available. It was enacted in 1994 to administer the Federal Enterprise Zone Program supporting the renovation and rehabilitation of damaged or destroyed structures in community areas designated as enterprise zones. However, the Federal Enterprise Zone Program has been discontinued and after 2006, the New Mexico EDD has listed the New Mexico Enterprise Zone Program as an inactive program. For more information on building revitalization programs in New Mexico, contact the New Mexico EDD at (505) 827-0300. Mail the tax return and attachments to: New Mexico Taxation and Revenue Department, P.O. Box 25122, Santa Fe, NM 87504-5122. NOTE: Failure to attach this form and the approval from the New Mexico Enterprise Zone Program Officer to your income tax return will result in denial of the credit claimed. page 2 CONTACTS Economic Development Department 1100 So. St. Francis Drive, Suite 1060 Santa Fe, NM 87502 (800) 374-3061 For information related to claiming the credit for qualified business facility rehabilitation against personal income tax, contact: Taxation and Revenue Department at (505) 827-0792 in Santa Fe, NM or your local district office. If claiming the credit on the fiduciary income tax return, mail the return and attachments to the address on Form FID-1.
Form PIT-5
More about the New Mexico Form PIT-5 Individual Income Tax Tax Credit TY 2023
We last updated the Qualified Business Facility Rehabilitation Credit in February 2024, so this is the latest version of Form PIT-5, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PIT-5 directly from TaxFormFinder. You can print other New Mexico tax forms here.
Other New Mexico Individual Income Tax Forms:
TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PIT-ES | Estimated Payment Voucher |
| Form PIT-1 | Personal Income Tax Return |
| Income Tax Instructions | Individual Income Tax Instructions |
| Form PIT-RC | Rebate & Credit Schedule |
| Form PIT-ADJ | Schedule of Additions & Deductions and Exemptions |
View all 81 New Mexico Income Tax Forms
Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form PIT-5 from the Taxation and Revenue Department in February 2024.
Form PIT-5 is a New Mexico Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New Mexico Form PIT-5
We have a total of thirteen past-year versions of Form PIT-5 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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