Credit for Welfare-to-Work Program.
Prior to January 1, 2008, certain businesses located in mostly rural counties that qualified for the federal Welfare-to-Work credit provided by Section 26 U.S.C 51A, may also have been eligible for the New Mexico Welfare-to-Work credit. Beginning January 1, 2008, Section 26 U.S.C 51A was repealed and a new federal work opportunity credit was established. Employers who qualify for the new federal work opportunity credit will no longer qualify for the New Mexico Welfare-to-Work credit.
Employers who qualified and were approved for the New Mexico Welfare-to-Work credit under the laws existing prior to January 1, 2008 may continue to carry forward any balance on an approved credit for three consecutive tax years after the tax year for which the credit was approved.