Bill > SB196

This bill creates the Small Business Investment Income Tax Credit in New Mexico. The key provisions are: 1. Taxpayers who are accredited investors and make qualified investments in small businesses in New Mexico can claim a tax credit of up to 25% of the investment, up to $250,000. 2. The purpose is to stimulate investment in small and emerging businesses in New Mexico. 3. Taxpayers can claim the credit for up to 5 qualified investments per year, but no more than 3 years for the same business. 4. The tax credit is capped at $2 million per year, and will be issued on a first-come, first-served basis. 5. To claim the credit, taxpayers must obtain a certificate of eligibility from the Economic Development Department, which determines if the investment qualifies. 6. The credit can be carried forward for up to 5 years if it exceeds the taxpayer's liability in the year claimed. 7. The Economic Development Department must report annually on the utilization and effectiveness of the tax credit.

Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=196&year=17