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Credit is available for some pre-approved costs of restoration, rehabilitation or renovation of a qualified business facility located in a New Mexico enterprise zone. The facility must be suitable for use and put into service in the manufacturing, distribution or service industry immediately following the restoration, rehabilitation or renovation project. This credit is for 50% of the pre-approved costs. It may not exceed $50,000. Attach the completed Form PIT-5, Qualified Business Facility Rehabilitation.
Contact the State Enterprise Zone Program Director at (505) 827-0089 to obtain Form PIT-5 and the Economic Development Departments advance approval and certification for your project. A husband and wife who file separate returns may each claim half the credit that would be allowed on a joint return.
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