Rev.201506/29/2015 PIT-5 NEW MEXICO TAXATION AND REVENUE DEPARTMENT QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT 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. 06/29/20152015 PIT-5 NEW MEXICO TAXATION AND REVENUE DEPARTMENT QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT INSTRUCTIONS page 1 ABOUT THIS CREDIT must have been vacant for the 24-month period immediately NOTE: This credit is not currently available. It was enacted preceding the commencement of the restoration, rehabilita- in 1994 to administer the Federal Enterprise Zone Program tion or renovation project. supporting the renovation and rehabilitation of damaged or destroyed structures in community areas designated as enter- "Restoration, rehabilitation or renovation" includes the con- prise zones. However, the Federal Enterprise Zone Program struction services necessary to ensure that a building is in has been discontinued and after 2006, the New Mexico EDD compliance with applicable zoning codes, is safe for occu- has listed the New Mexico Enterprise Zone Program as an pancy, and meets the operating needs of a person in the inactive program. manufacturing distribution or service industry; and expan- sion of or an addition to a building if the expansion or ad- For more information on building revitalization programs in dition does not increase the usable square footage of the New Mexico, contact the New Mexico EDD at (505) 827-0300. building by more than 10% of the usable square footage of the building prior to the restoration, rehabilitation or renova- The credit for qualified business facility rehabilitation is 50% tion project. of the costs of a project for the restoration, rehabilitation or renovation of qualified business facilities. Claims are limited NOTE: No qualified business facility rehabilitation credit is to three consecutive years and shall not exceed $50,000. allowed for cultural or historic properties nor for costs quali- Any portion of the credit that remains unused at the end of the taxpayer's reporting period may be carried forward for fying for credit under the Investment Credit Act. four consecutive years. Each claim for a qualified business HOW TO COMPLETE THIS FORM facility rehabilitation credit must be accompanied by certifi- Complete all information requested in the address block. En- cation from the New Mexico Enterprize Zone Program Of- ter the date of the project approval and the date of the credit ficer. approval. Also, enter the project approval number and the A taxpayer who files a New Mexico individual income tax amount of the credit approved. return and who is not a dependent of another individual and Section A. Complete this section if the project is owned who is the owner of a qualified business facility may claim by one or more members/owners of a partnership, limited the credit. A member/owner of a partnership, LLC, S cor- liability corporation, S corporation, joint venture or similar poration, joint venture or similar business association that business association. If additional space is needed, attach has qualified for the qualified business facility rehabilitation a separate page. credit may claim the credit in proportion to the taxpayer's in- Line 1. Enter amount of the project that was approved for terest in the business association. The member/owner must the current tax year. complete Section A. Line 2. Enter amount approved for the project in prior tax A taxpayer may claim this credit if: years, if applicable. 1. the taxpayer submitted a plan and specifications for res- Line 3. Enter the sum of lines 1 and 2. This is the total toration, rehabilitation or renovation to the New Mexico amount approved for this project. Enterprise Zone Program Officer and received approval, Line 4. Multiply line 3 by 50%. and 2. the taxpayer received certification from the New Mexico Line 5. Enter the product of line 3 x line 4 or $50,000 Enterprise Zone Program Officer after completing the whichever is less. restoration, rehabilitation or renovation that it conformed Line 6. Credit allowed for claimant. If applicable, multiply to the plan and specifications. line 5 by the claimant's ownership percentage from Schedule A. If one or more members/owners of Married individuals who file separate returns for a reporting a partnership, limited liability corporation, S cor- period in which they could have filed a joint return may each poration, joint venture or similar business associa- claim only one-half of the credit that would have been al- tion own the property upon which the project is per- lowed on a joint return. formed, the claimant may only claim an amount of a credit in proportion to the claimant's interest in the "Qualified business facility" means a building located in a business association. The claimant is the taxpayer New Mexico enterprise zone that is suitable for use and is who is filing the New Mexico income tax return and put into service by a person in the manufacturing, distribu- claiming the credit on their return. tion or service industry immediately following the restoration, rehabilitation or renovation project; provided, the building Line 7. Credit claimed by the claimant in prior years for |
Rev. 06/29/20152015 PIT-5 NEW MEXICO TAXATION AND REVENUE DEPARTMENT QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT INSTRUCTIONS page 2 this project. Enter the amount of credit claimed in previous years, for this project. CONTACTS Line 8. Credit available to the claimant during the current Economic Development Department tax year. Subtract line 7 from line 6. 1100 So. St. Francis Drive, Suite 1060 Santa Fe, NM 87502 Line 9. Credit applied to the current tax year. The credit (800) 374-3061 applied to the current tax year cannot exceed line 8 or the amount of net New Mexico income tax For information related to claiming the credit for qualified from Form PIT-1, line 21, computed before apply- business facility rehabilitation against personal income tax, ing the credit. contact: Line 10. Credit available to the claimant for carry forward to subsequent years. Subtract line 9 from line 8. Taxation and Revenue Department at (505) 827-0792 in Santa Fe, NM NOTE: The amount of the credit to be applied to the current or your local district office. return is reported on Schedule PIT-CR or FID-CR. If claiming the credit on the fiduciary income tax return, mail the return and attachments to the address on Form FID-1. 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 Eco- nomic Development Department. The claim must be submit- ted 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 enter- prise 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. |