Bill > HB261

This bill modifies the Angel Investment Credit program in New Mexico by increasing the maximum qualified investment amount eligible for the credit from $100,000 to $250,000 per taxpayer, and extends the program's expiration date from December 31, 2016, to December 31, 2025. It also adjusts the number of qualified investments a taxpayer can claim per year, allowing for investments in up to five qualified businesses, and increases the carry-forward period for unused credits from three to five years. The bill also raises the annual cap on the total amount of angel investment credits the Economic Development Department can issue from $750,000 to $2,000,000, and clarifies that applications for these credits will be considered in the order they are received, with "completed" applications prioritized. Additionally, it expands the definition of a "qualified business" to include those that maintain their principal place of business and employ a majority of their full-time employees in New Mexico, and specifies that "qualified research" will be defined according to Section 41 of the Internal Revenue Code. The bill also removes a previous limitation on the total credit claimed by all members of a partnership or business association for a single qualified investment.