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Affordable Housing Tax Credit

Category: State Incentives, Tax Incentives


AGENCY: Taxation and Revenue Department
DESCRIPTION: The Affordable Housing Tax Credit is offered in hopes of making affordable housing more available in New Mexico.
ELIGIBILITY: Investors in affordable housing projects may apply for this tax credit.
QUALIFICATIONS/CRITERIA:
•  The New Mexico Finance Authority (MFA) issues vouchers to investors.
•  Vouchers may be applied for credit against gross receipts, compensating, withholding, personal income, corporate income, E911 and TRS tax liabilities.
•  Unused credits can be carried forward for up to five years, and may be sold or transferred.
•  Vouchers are good for up to 50% of the investment.
•  Affordable housing development includes land acquisition, construction, building acquisition, remodeling, improvement, rehabilitation, conversion or weatherization for single or multi-family residences approved by MFA.
•  See 7-9I-1 through 7.91-6 NMSA.
•  Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or find paperwork and applications at http://www.state.nm.us/tax/BizPge.htm.
•  Call the office of the Secretary at (505) 827-0951.


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