New Mexico Statutes Chapter 7. Taxation § 7-9-58.1. Credit;  gross receipts tax;  sale of dyed special fuel used for agricultural purposes

A. Prior to July 1, 2029, a taxpayer who sells special fuel dyed in accordance with federal regulations may claim a tax credit against gross receipts taxes due in an amount equal to the amount of any gross receipts tax due on the receipt for sale;  provided that:

B. A taxpayer may claim the tax credit for the taxable period in which the special fuel is sold.  To receive the credit, the taxpayer shall apply to the department on forms and in a manner prescribed by the department.  The maximum aggregate amount of tax credits that may be allowed in a fiscal year is ten million dollars ($10,000,000).  Completed applications shall be considered in the order received.  Applications received after the aggregate amount has been met shall not be approved.

C. That portion of the tax credit claimed by a taxpayer that exceeds the taxpayer's gross receipts tax liability in the taxable period in which the credit is claimed shall not be refunded to the taxpayer but may be carried forward for thirty-six consecutive taxable periods.