Equipment not previously used in New Mexico and not previously approved for a credit under the Investment Credit Act that is owned by the taxpayer or owned by the United States or an agency or instrumentality thereof or the state or a political subdivision thereof and leased or subleased to the taxpayer is qualified equipment if it is in New Mexico and is incorporated or to be incorporated within one year into a manufacturing operation.
History: Laws 1979, ch. 347, § 6; 1983, ch. 206, § 4; 1990, ch. 3, § 4.
ANNOTATIONSCross references. — For definition of "equipment", see 7-9A-3B NMSA 1978.
The 1990 amendment, effective January 1, 1991, rewrote this section which read: "Equipment not previously used in New Mexico which is owned and used by a taxpayer in a manufacturing process in New Mexico is qualified equipment if it is incorporated into a manufacturing operation and if the taxpayer does not claim the credit pursuant to Section 7-9-79 NMSA 1978."