Bill > SB151

This bill amends existing law to adjust the wage thresholds for qualifying for the high-wage jobs tax credit, a credit designed to incentivize businesses to create and fill new, well-paying jobs in New Mexico. Specifically, for jobs created on or after July 1, 2016, the bill lowers the required annual wage to $45,000 in larger municipalities or certain counties, and to $35,000 in smaller municipalities or unincorporated areas, down from previous higher thresholds. The credit is calculated as ten percent of wages and benefits, capped at $12,000 per job per qualifying period, and can be claimed for the year the job is created and the three subsequent years. The bill also clarifies definitions for terms like "benefits" (which excludes employer payroll taxes) and "eligible employee" (excluding certain relatives of the employer or individuals with significant ownership in the business). It also outlines conditions under which jobs created due to business mergers or acquisitions, or those replacing existing government service providers, may or may not be eligible for the credit, and requires employers to certify various details about the new jobs and their employees to claim the credit.