N.M. Code R. § 20.11.60.20
In meeting the emissions offset requirements of 20.11.60.15 NMAC and Subsections A-D of 20.11.60.18 NMAC, the emissions offsets obtained shall be for the same regulated new source review pollutant unless interprecursor offsetting is permitted for a particular pollutant as specified in 20.11.60.20 NMAC. The offset requirements in 20.11.60.15 NMAC for direct PM2.5 emissions or emissions of precursors of PM2.5 may be satisfied by offsetting reductions of direct PM2.5 emissions or emissions of any PM2.5 precursor identified under Paragraph (3) of Subsection JJ of 20.11.60.7 NMAC if such offsets comply with the interprecursor trading hierarchy and ratio established in the approved plan for a particular nonattainment area.
N.M. Code R. § 20.11.60.20