Bill > SB402

This bill makes several changes to the angel investment tax credit in New Mexico. It increases the credit amount from 25% to 50% of the qualified investment, with a maximum credit of $62,500 per investment. The bill also increases the aggregate annual cap on the credits from $2 million to $10 million. Additionally, it makes the credit refundable, meaning any unused portion will be refunded to the taxpayer, rather than being carried forward for five years. The bill also expands the definition of a "qualified business" to include those with up to 100 employees and gross revenues of up to $10 million. The provisions of the bill apply to qualified investments made on or after January 1, 2021.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=402&year=21