Rural Jobs Tax Credit (New Mexico)
Last modified on February 12, 2015.
|Applies to States or Provinces||New Mexico|
|Name||Rural Jobs Tax Credit (New Mexico)|
|Policy Category||Financial Incentive|
|Policy Type||Corporate Tax Incentive, Personal Tax Incentives|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
|Program Administrator||New Mexico Economic Development Department|
This credit can be applied to taxes due on (state) gross receipts, corporate income, or personal income tax. Rural New Mexico is defined as any part of the state other than Los Alamos County; certain municipalities: Albuquerque, Rio Rancho, Farmington, Las Cruces, Roswell, and Santa Fe; and a 10-mile zone around those select municipalities. The rural area is divided into two tiers: Tier 2 = Non-metro area municipalities that exceed 15,000 in population: Alamogordo, Carlsbad, Clovis, Gallup, and Hobbs; Tier 1 = Everywhere else in a rural area. The maximum tax credit amount with respect to each qualifying job is equal to: Tier 1: 25% of the first $16,000 in wages paid for the qualifying job (may be taken for four years); Tier 2: 12.5% of the first $16,000 in wages paid for the qualifying job (may be taken for two years).
A qualifying job is a job filled by an eligible employee for 48 weeks in a 12-month qualifying period. The credit may be carried forward for up to 3 years.
|Department||New Mexico Economic Development Department|
|Address||Joseph M. Montoya Building, 1100 St. Francis Drive, Santa Fe, NM, 87505-4147|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||Rural Jobs Tax Credit|