N.M. Admin. Code § 3.13.2.7
Current through Register Vol. 36, No. 1, January 14, 2025
For purposes of Section 7-9A-3 NMSA 1978, "subject to depreciation" means the taxpayer's federal income tax return must include a depreciation expense with respect to equipment for which an investment credit is sought or claimed. Equipment depreciated under the accelerated cost recovery system, I.R.C. Section 168, and property for which the taxpayer makes an election under Internal Revenue Code Section 179 are "subject to depreciation"
N.M. Admin. Code § 3.13.2.7