Section 60-2E-47.1 - County gaming tax credit. - New Mexico Statutes

60-2E-47.1. County gaming tax credit.

A.     Subject to the provisions of Subsection C of this section, beginning January 1, 2011, a taxpayer that is a gaming operator licensee that is a racetrack may claim, and the department may allow, a tax credit in an amount of up to fifty percent of the taxpayer's monthly gaming tax liability pursuant to Section 60-2E-47 NMSA 1978, not to exceed a maximum credit of seven hundred fifty thousand dollars ($750,000) per state fiscal year, if the taxpayer: 

(1)     is located in a county in which the board of county commissioners has imposed and the electors have approved a county business retention gross receipts tax; and 

(2)     had in the immediately prior calendar year a combined net take and receipts, not including receipts for purses, from an allocation agreement made pursuant to Section 60-2E-27 NMSA 1978 of under fifteen million dollars ($15,000,000). 

B.     The tax credit that may be claimed pursuant to this section may be referred to as the "county gaming tax credit". 

C.     If in the prior fiscal year the total amount of county gaming tax credit claimed by the taxpayer exceeded the amount distributed to the state from the proceeds of a county business retention gross receipts tax imposed by the county in which the taxpayer is located, the taxpayer shall be deemed to owe an amount equal to the excess credit and shall remit to the state an amount equal to the excess credit.  The taxpayer may not again claim the county gaming tax credit until the excess amount calculated pursuant to this subsection has been remitted to the state.  

D.     The county gaming tax credit shall be administered by the taxation and revenue department pursuant to the Tax Administration Act [7-1-1 NMSA 1978] . 

E.     Subject to the provisions of Subsection C of this section, the credit created in this section may be claimed on a monthly basis against the gaming tax remitted to the state on a form provided by the department.  The credit claimed each month may not exceed one-twelfth of fifty percent of the gaming tax paid in the prior calendar year.  Any additional credit that may be allowed may be claimed in the last month of the fiscal year.  The maximum county gaming tax credit claimed shall not exceed fifty percent of the gaming tax due from the taxpayer in the fiscal year.