| State: |
NM |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
R&D Credits |
| Description: |
1. R&D SMALL BUSINESS TAX CREDIT: A qualified R & D small business is eligible for a credit equal to the sum of all gross receipts taxes, compensating taxes, or withholding taxes due to the state for up to three years.
2. R&D GROSS RECEIPTS TAX DEDUCTION: Any service that is exported from the state, including research and development services are not subject to New Mexico gross receipts tax.
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| Eligibility Requirements: |
1. Qualified R & D small business means a business that (a) employs no more than 25 employees in any prior calendar month;(b) had total revenues of no more than $5 million dollars in any prior fiscal year.
2. These services must be produced by a business with a New Mexico office, sold to an out-of-state buyer and delivered and initially used out-of-state. This makes R&D a deductible transaction. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
State of New Mexico |
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