Form CIT-5 Qualified Business Facility Rehabilitation Credit

827 0089 or Business Development Team Leader 827 1734 "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 rehabilita tion or renovation project; provided the building must have been vacant for the 24 month period immediately preceding the "Restoration rehabilitation or renovation" includes the construction services necessary to ensure that a building is in compli ance 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 restora (505) 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 A taxpayer may claim this credit if: A taxpayer who files a New Mexico corporate income and franchise tax return or a sub chapter S corporate income and franchise tax return and who is the owner of a qualified business facility may claim the credit A member/owner of a partner ship 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 Schedule A ABOUT THIS CREDIT: The credit for qualified business facility rehabilitation is 50% of the costs of a project for the restora tion 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 Enterprise Zone Program Officer As provided by the New Mexico Economic Development Department Enterprise Zone Program Officer: CIT 5 CIT 5 NEW MEXICO QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT commencement of the restoration rehabilitation or renovation project Community Development Team Leader 1100 So St Francis Drive Santa Fe NM 87503 CONTACTS: 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 $ Credit applied to the current return The credit applied may not exceed the amount of New Mexico income tax (line 12 Form CIT 1 or line 4 Form S Corp) $ Credit available to the claimant during the current tax year (Subtract line 7 from line 6) $ Credit available to the claimant for carryover (Subtract line 9 from line 8) $ Credit claimed by claimant in prior years for this project $ Date of credit approval: Amount of credit approval: $ Date of project approval: Project approval number: 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 $ For information related to claiming the credit for qualified business facility rehabilitation against corporate income tax contact: For the New Mexico Enterprise Zone Program Officer contact: Has credit for this project been claimed in any other taxable year? NO YES HOW TO APPLY FOR THIS CREDIT: A taxpayer may claim this credit by attaching a completed Form CIT 5 to the cor porate income and franchise tax return or a sub chapter S corporate income and franchise tax return for the current year along with Schedule CIT CR or S Corp 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 HOW TO COMPLETE THIS FORM: Complete all information requested in the address block Enter the date of the proj ect approval and the date of the credit approval Also enter the project approval number and the amount of the credit ap 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 If YES indicate year(s) If you are claiming the credit for more than one project complete a separate Form CIT 5 for each INSTRUCTIONS Line 1 Enter the amount of the project that was approved for the current tax year Line 2 Enter the 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 Line 7 Credit claimed by the claimant in prior years for this project Enter the amount of credit claimed in previous 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 New Mexico corporate income tax from Form CIT 1 line 12 or Form S Corp line 4 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 CIT CR or S Corp CR Mail the tax return and attachments to: New Mexico Taxation and Revenue Department P O Box 25127 Santa Fe NM 87504 5127 Multiply by 50% Name of owner Federal Employer Identification Number (FEIN) CRS Identification Number Name SSN FEIN Ownership Percentage New Mexico Economic Development Department NEW MEXICO QUALIFIED BUSINESS FACILITY REHABILITATION CREDIT NOTE: Failure to attach this form and the approval from the New Mexico Enterprise Zone 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 ownership percentage of each partner or member page 1 page 2 Physical address of property City / State / ZIP code Program Officer to your income tax return will result in denial of the credit claimed Project amount approved for the current tax year $ Project amount approved in prior years $ proved SCHEDULE A Schedule 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 Taxation and Revenue Department at (505) 827 0825 in Santa Fe NM or your local district office the taxpayer received certification from the New Mexico Enterprise Zone Program Officer after completing the restora tion rehabilitation or renovation that it conformed to the plan and specifications the taxpayer submitted a plan and specifications for restoration rehabilitation or renovation to the New Mexico Enter prise Zone Program Officer and received approval; and tion rehabilitation or renovation project Total amount approved for this project (The sum of lines 1 and 2) $ Unused credits may be carried forward for four consecutive years from the taxable year of the initial claim years for this project