MILD
SB 130
TRANSFER TAX CREDITS BETWEEN TAXPAYERS
- Legislative URL:
- SB 130 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- - OTHER -
- Action:
- [2] SCORC/SFC-SCORC API.
- Issue(s):
- Energy, Land Use & Growth
Related Legislators
- Bill Sponsor:
- Timothy Keller Edward Sandoval
Related Documents
- Downloads:
-
Introduced
Fiscal Impact Report
Summary
This bill allows a taxpayer to sell, exchange or transfer certain state personal and corporate income tax credits to another taxpayer, including the preservation of cultural property tax credit and the solar market development tax credit.
With respect to the tax credit for the preservation of cultural property, the bill makes clear that the credit must be claimed for a restoration, rehabilitation or preservation project and that it originates when the project is completed. The solar market tax credit originates at the point of system installation. The bill requires that credits that are the subject of the bill must be applied for within one year following the end of the calendar year in which the project is completed, installed or otherwise originated.
Outcome: SB 130 died in the Senate Corporations and Transportation Committee.
Date of Summary: 1/22/13; Updated 5/21/13