New Mexico Statutes 7-9-58.1. Credit; gross receipts tax; sale of dyed special fuel used for agricultural purposes
A. Prior to July 1, 2029, a taxpayer who sells special fuel dyed in accordance with federal regulations may claim a tax credit against gross receipts taxes due in an amount equal to the amount of any gross receipts tax due on the receipt for sale; provided that:
Terms Used In New Mexico Statutes 7-9-58.1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(1) the taxpayer did not pass the amount of gross receipts tax on to the person purchasing the special fuel; and
(2) the special fuel is sold to a person who states in writing in a manner that the department may require that the person will use the special fuel primarily for agricultural purposes and the gross receipts tax was not passed on to the person.
B. A taxpayer may claim the tax credit for the taxable period in which the special fuel is sold. To receive the credit, the taxpayer shall apply to the department on forms and in a manner prescribed by the department. The maximum aggregate amount of tax credits that may be allowed in a fiscal year is ten million dollars ($10,000,000). Completed applications shall be considered in the order received. Applications received after the aggregate amount has been met shall not be approved.
C. That portion of the tax credit claimed by a taxpayer that exceeds the taxpayer’s gross receipts tax liability in the taxable period in which the credit is claimed shall not be refunded to the taxpayer but may be carried forward for thirty-six consecutive taxable periods.