New Mexico Job Mentorship Tax Credit

Job Mentorship Tax Credit. A taxpayer owning a New Mexico business may claim a Job Mentorship Tax Credit for employing qualified students who take part in a career preparation education program. The credit equals 50% of gross wages paid to a maximum of ten qualified students. The business must employ the students for up to 320 hours each during the tax year. A taxpayer may not claim a credit for [...]

New Mexico Credit for Electronic Identification Card Reader

Credit for Electronic Card-Reading Equipment. New Mexico has a one-time income tax credit for businesses that purchase electronic identification card-readers for age verification. A business may claim this credit on a New Mexico personal income tax return or corporate income and franchise tax return if:- The business is licensed to sell cigarettes, tobacco products or alcoholic beverages, and- [...]

New Mexico Technology Jobs Tax Credit

Technology Jobs and Research and Development Tax Credit. Basic credit: A taxpayer who conducts qualified research1 and development at a facility in New Mexico – except at a facility operated for the U.S. government – may claim a basic credit equal to 4% of qualified expenditures. The 4% credit doubles when the qualified facility is in a rural area (that part of New Mexico outside [...]

New Mexico Rural Job Tax Credit

Rural Job Tax Credit. A Rural Job Tax Credit is available for employers in rural areas of New Mexico who qualify for Job Training Incentive Program assistance. Eligible employers may earn the rural job tax credit for each qualifying job created after July 1, 2000. The employer must certify the wages paid to each eligible employee. See Form RPD-41247, Certificate of Eligibility for the Rural Job [...]

New Mexico Cultural Properties Preservation Credit

Preservation of cultural property credit The credit for preservation of cultural property is 50% of the approved eligible costs of a project for the restoration, rehabilitation, or preservation of cultural property listed on the official New Mexico Register of Cultural Properties, not to exceed $25,000. Requirements The New Mexico Cultural Properties Review Committee must approve the [...]