Bill > SB438

This bill creates the New Jobs and Investment Tax Credit, which provides a tax credit to businesses that create at least 250 new jobs and make a capital investment of at least $50 million in New Mexico. The credit is 100% of the business's tax liabilities under the Income Tax Act, Corporate Income and Franchise Tax Act, and Gross Receipts and Compensating Tax Act (excluding local option gross receipts taxes) for the first 10 years, with the percentage decreasing by 10% each year thereafter until it reaches 0% after 2037. The purpose of the credit is to encourage businesses to start, relocate, or expand their operations in New Mexico. The bill outlines the eligibility requirements, application process, and reporting requirements for the credit, as well as defines key terms such as "capital investment" and "new job."

Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=438&year=17