Bill > SB479

This bill amends the Technology Jobs and Research and Development Tax Credit Act to include certain bioscience businesses. The key provisions are: 1. Expands the purpose of the Act to provide a favorable tax climate for bioscience businesses engaging in research, development, and experimentation, in addition to technology-based businesses. 2. Defines "bioscience" to include five industries recognized by the U.S. Department of Labor: drugs and pharmaceuticals, medical devices and equipment, research testing and medical laboratories, bioscience-related distribution, and agriculture and chemicals related to bioscience. 3. Defines a "qualified facility" to include a facility where bioscience activities are being undertaken within 10 miles of a national laboratory or research institution, provided the taxpayer commenced bioscience activities at the facility on or after July 1, 2017. 4. Allows the "qualified research" definition to include bioscience-related research and development activities, in addition to technological research. The bill applies to taxable years beginning on or after January 1, 2017.

Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=479&year=17