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2009 vol. III 1807 (2009)

handle is hein.ssl/ssnm0047 and id is 1 raw text is: Chap. 147 Laws of 2009 1807 Chapter 147 1 AN ACT 2 RELATING TO TAXATION; EXTENDING THE LIFE OF CERTAIN INVESTMENT 3 CREDIT PROVISIONS; EXTENDING THE PERIOD FOR APPLICATION OF 4 CERTAIN PROVISIONS FOR APPORTIONMENT OF BUSINESS INCOME FOR 5 CORPORATE INCOME TAX PURPOSES BY TAXPAYERS WHOSE PRINCIPAL 6 BUSINESS ACTIVITY IS MANUFACTURING. 7 a BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: 9 Section 1. Section 7-4-10 NMSA 1978 (being Laws 1993, i0 Chapter 153, Section 1, as amended) is amended to read: 11 7-4-10. APPORTIONMENT OF BUSINESS INCOME.-- 12 A. Except as provided in Subsection B of this 13 section, all business income shall be apportioned to this 14 state by multiplying the income by a fraction, the numerator is of which is the property factor plus the payroll factor plus 16 the sales factor and the denominator of which is three. 17 B. For taxable years beginning prior to January 1, 18 2020, a taxpayer whose principal business activity is 19 manufacturing may elect to have business income apportioned to 20 this state by multiplying the income by a fraction, the 21 numerator of which is the property factor plus the payroll 22 factor plus twice the sales factor and the denominator of 23 which is four. To elect the method of apportionment provided 24 by this subsection, the taxpayer shall notify the department 25 of the election, in writing, no later than the date on which House Bill 75 Approved April 7, 2009

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