Job Mentorship Tax Credit
A taxpayer owning a New Mexico business may claim a Job Mentorship Tax Credit for employing qualified students who take part in a career preparation education program. The credit equals 50% of gross wages paid to a maximum of ten qualified students. The business must employ the students for up to 320 hours each during the tax year. A taxpayer may not claim a credit for one qualified individual for more than three tax years. The maximum credit for one tax year is $12,000.
To apply for this credit, obtain a Form RPD-41280, Job Mentorship Tax Credit Certificate, from the secondary school operating the career preparation education program for each qualified student you employ.
For assistance obtaining the certificate, contact the principal of the school that the student you employ attends.
To claim this credit, complete Form RPD-41281, Job Mentorship Tax Credit Claim Form, and attach it to your Form PIT-1 with Schedule PIT-CR. Enter the credit claimed on Schedule PIT-CR. Also, attach a Job Mentorship Tax Credit Certificate for each qualified student employed during the tax year. You may carry unused credit forward for three consecutive years.
A partnership or other business association of which the taxpayer is a member may claim a credit in proportion to the taxpayer's interest in the partnership or association.
For assistance claiming the credit, contact TRD at (505) 827-0792.