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Category: New Mexico
36 Articles
Orange arrow New Mexico Child Care Credit

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  Child Day Care Credit 1) - "Qualifying dependent" means a person under the age of 15 at the end of the tax year who has received the services of a caregiver. Dependent includes a child of divorced or legally separated parents when the taxpayer meets all requirements for claiming a federal child ca...
Posted in: STATES, New Mexico

Orange arrow New Mexico Voluntary Contributions

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  Attach Schedule PIT-D, New Mexico Voluntary Contributions Schedule, to Form PIT-1 if you wish to donate all or part of a refund to one or more of the special funds shown below. You can make a contribution only when your return shows an overpayment (refund). Your PIT-D contribution(s) may not be mor...
Posted in: STATES, New Mexico

Orange arrow New Mexico Medical Care Expenses

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  Medical Care Expense Deduction Any taxpayer who files a New Mexico PIT-1 Personal Income Tax Return, including out-of-state residents with income tax responsibility to New Mexico, may claim a deduction for medical care expenses paid during the tax year for medical care of the taxpayer, the taxpayer...
Posted in: STATES, New Mexico

Orange arrow New Mexico Tax Due

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  Paying Your Tax Liability Making Payment Through the Internet.Using the Department's web site, you may pay by electronic check at no charge. Your electronic check authorizes the Taxation and Revenue Department to debit your checking account in the amount and on the date you specify. Directions are...
Posted in: STATES, New Mexico

Orange arrow New Mexico Adjustments

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  Complete the Schedule PIT-ADJ and attach it to Form PIT-1 if you are required, or eligible, to make New Mexico adjustments to income. File Schedule PIT-ADJ if you have any of the following additions to federal adjusted gross income: - interest and dividends from federal tax-exempt bonds; - a net o...
Posted in: STATES, New Mexico

Orange arrow New Mexico Property Tax Rebate for Persons 65 or Older

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  New Mexico Property Tax Rebate The property tax rebate may not exceed $250 ($125 for a married taxpayer filing a separate return). There is no property tax rebate available for property that is not already subject to property tax. To qualify for a rebate a claimant must: - have a modified gross i...
Posted in: STATES, New Mexico

Orange arrow Can New Mexico Indian Income Be Excluded From Taxes?

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  Member of an Indian Nation, Tribe or Pueblo The income of Indians who worked or lived on lands outside the Indian nation, tribe or pueblo of which they are members is subject to New Mexico personal income tax. Enrolled members of an Indian nation, tribe or pueblo who lived on the lands of the Indi...
Posted in: STATES, New Mexico

Orange arrow New Mexico Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan

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  Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan.Contributions Refunded When Closing a New Mexico-approved Section 529 College Savings Plan Account; Certain Contributions Rolled Out of a New Mexico-approved Section 529 College Savings Plan Account Enter the amo...
Posted in: STATES, New Mexico

Orange arrow New Mexico Film Production Tax Credit

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  ABOUT THIS CREDIT: The film production tax credit, Section 7-2F-1 NMSA 1978, provides a tax credit for an eligible film production company. The amount of the credit is equal to 25% of eligible direct production and direct postproduction expenditures made in New Mexico. file:///C:/Users/Admin/Do...
Posted in: STATES, New Mexico

Orange arrow New Mexico Los Alamos County Property Tax Rebate

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  The rebate is based on modified gross income on a sliding scale from $0 to $24,000 and results in a rebate of a percentage of the taxpayer’s property tax liability. The county must enact an ordinance on the low-income property tax rebate after a public hearing in which the majority of the Bo...
Posted in: STATES, New Mexico

Orange arrow New Mexico Cultural Properties Preservation Credit

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  ABOUT THIS CREDIT: The credit for preservation of cultural property is 50% of the approved eligible costs of a project for the restoration, rehabilitation or preservation of cultural properties listed on the official New Mexico Register of Cultural Properties, not to exceed $25,000. For tax years ...
Posted in: STATES, New Mexico

Orange arrow New Mexico Credit for Welfare-to-Work

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  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, 200...
Posted in: STATES, New Mexico

Orange arrow New Mexico Rural Job Tax Credit

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  The Rural Job Tax Credit Act, Section 7-2E-1.1 NMSA 1978 provides a credit for eligible rural employers for wages paid to an eligible employee for each qualifying job the employer creates after July 1, 2000. The amount of the rural job tax credit is 6.25% of the first $16,000 in wages paid for th...
Posted in: STATES, New Mexico

Orange arrow New Mexico Technology Jobs Tax Credit

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  A taxpayer that employs no more than 50 employees, has qualified expenditures of no more than $5 million, and who conducts qualified research and development at a facility in New Mexico is allowed a basic tax credit equal to 5% of qualified expenditures, and an additional 5% credit toward income ta...
Posted in: STATES, New Mexico

Orange arrow New Mexico Credit for Electronic Identification Card Reader

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  Beginning with tax year 2001, a one-time income tax credit is available for businesses that purchase electronic identification card readers. A business may claim this credit on its New Mexico personal income tax return or corporate income and franchise tax return if: 1) the business is licensed to ...
Posted in: STATES, New Mexico


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