Bill > SB300

This bill creates the Paid Time Off Income Tax Credit and the Paid Time Off Corporate Income Tax Credit in New Mexico. The income tax credit is available for three consecutive years to taxpayers who employ 12 or fewer employees earning $16 or less per hour, and the corporate income tax credit is available for tax years 2021 through 2023 under the same eligibility requirements. The credits are based on the number of paid time off hours provided to eligible employees, with the credit amount decreasing over time. The bill also requires the Department of Taxation and Revenue to compile annual reports on the utilization and cost of these tax credits.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=300&year=21