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Category: New Mexico
36 Articles
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 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 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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  To be eligible for the film production tax credit, a film production company must first be approved by the Film Division of the New Mexico Economic Development Department. After approval, the company may apply for the credit by submitting a completed Form RPD-41229, Application for Film Production ...
Posted in: STATES, New Mexico

Orange arrow New Mexico Los Alamos & Santa Fe County Property Tax Rebate

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  This low income property tax rebate is for property tax paid during tax year 2014 on your principal place of residence (defined later in this section) inLos Alamos or Santa Fe County. This property tax rebate may not exceed $350 or, for a married taxpayer filing a separate return, $175. IMPORTANT:...
Posted in: STATES, New Mexico

Orange arrow New Mexico Cultural Properties Preservation Credit

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

Orange arrow New Mexico Business Facility Rehabilitation Credit

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  The credit for qualified business facility rehabilitation is 50% of the costs of a project for the restoration, rehabilitation or renovation of qualified business facilities. Claims are limited to three consecutive years and shall not exceed $50,000. Any portion of the credit that remains unused at...
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 º 51A, may also have been eligible for the New Mexico Welfare-to-Work credit. Beginning January...
Posted in: STATES, New Mexico

Orange arrow New Mexico Rural Job Tax Credit

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  Rural Job Tax Credit. A Rural Job Tax Credit is available for employers in rural areas of New Mexico who qualify for Job Training Incentive Program assistance. Eligible employers may earn the rural job tax credit for each qualifying job created after July 1, 2000. The employer must certify the wage...
Posted in: STATES, New Mexico

Orange arrow New Mexico Technology Jobs Tax Credit

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  Technology Jobs (Additional) Tax Credit. The Technology Jobs Tax Credit is 4% of qualified expenditures for conducting research and development. An additional 4% credit is available if the taxpayer increases its annual payroll by at least $75,000 for every $1 million in qualified expenditures it cl...
Posted in: STATES, New Mexico


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