INCENTIVE DESCRIPTION

State: NM
Incentive Type: Income/Franchise Tax Incentives and Credits
Incentive Title: Jobs Credits
Description: 1. HIGH WAGE JOB TAX CREDIT: A credit against gross receipts tax, compensating tax and withholding tax. The credit amount equals 10 percent of the wages and benefits paid for each new job created. Any excess credit can be refunded, but shall not exceed $12,000 per year per job. 2. RURAL JOB TAX CREDIT: Employers receive a credit of 6.25 percent of the first $16,000 in wages paid for a qualifying jobs. The credit extends for 4 years if located in a Tier 1 county and for 2 years if located in a Tier 2 county and any excess credit may be carried forward for up to 3 years. The maximum credit for each county tier is $1000 per job. 3. TECHNOLOGY JOBS TAX CREDIT: This credit has two parts: a basic credit and an additional credit. The basic credit applies to gross receipts tax, compensating and withholding liability. This credit includes a wide range of unreimbursed expenses for technology purchases and research. The additional credit applies to corporate income tax liability and is predicated upon an increase in annual payroll. Each credit is equal to 4 percent of the qualified expenditures on qualified research at a qualified facility. The credit amount doubles for expenditures in facilities located in rural New Mexico.
Eligibility Requirements: 1. Must be an eligible business, must meet wage requirements, and employment requirements. 2. Must be an eligible business, must meet eligible employer qualifications, must complete required applications and must be in Tier 1 or 2 county. 3. Must be an eligible business, Must complete all required applications.
Geographic Restrictions: Statewide, unless noted as Rural New Mexico
Granting Authority: State of New Mexico


The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information
Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.