Bill > SB36

This bill establishes a new "state graduate employment tax credit" for both individual income tax filers and corporations in New Mexico, aiming to incentivize the full-time employment of qualified graduates from state educational institutions. A qualified state graduate is defined as a New Mexico resident who graduated within eighteen months from a state university in a STEM or health-related field, is hired before June 1, 2019, and works full-time for at least seven months in the first year and twelve months in the second year of employment, receiving employee benefits. The tax credit is $5,000 per qualified graduate per year for up to two years, but it cannot be used if the graduate is replacing an existing employee, and the credit cannot be refunded or carried forward. The bill also allows the taxation and revenue department to share tax return information with legislative committees, specifically the revenue stabilization and tax policy committee and the legislative finance committee, to facilitate reports on the effectiveness of tax credits, provided taxpayer-identifying information is excluded. Additionally, there's an annual aggregate limit of $2 million for both individual and corporate state graduate employment tax credits combined, with a system to prioritize those who couldn't claim the credit due to the limit in previous years. The bill also mandates annual reports on the credit's effectiveness, to be presented to the aforementioned legislative committees every five years starting in 2018.