| State: |
NM |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Other Tax Credits |
| Description: |
1. CHILD CARE TAX CREDIT: Corporations providing or paying for licensed child care services may deduct 30 percent of eligible expenses from income tax liability. The income tax credit is 30 percent of eligible costs up to $30,000 in any taxable year.
2. INTERGOVERNMENTAL BUSINESS TAX CREDIT: A corporation engaged in growing, processing, or manufacturing may receive a credit for up to 50 percent of the total of all taxes imposed by an Indian nation, tribe, or pueblo located wholly or partly in New Mexico on income derived from new business activity on Indian land.
|
| Eligibility Requirements: |
1. Must be a qualifying industry, must have liscensed child care services.
2. This credit is limited to income from a new business established on tribal land after 7/1/97. The credit is non-refundable, and can be applied against the existing tax liabilities only.
|
| Geographic Restrictions: |
Statewide, unless Tribal Property Requirement |
| Granting Authority: |
State of New Mexico |
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