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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 tax liability by raising its in-state payroll $75,000 for every $1 million in qualified expenditures claimed. The tax credit doubles for expenditures in facilities located in rural New Mexico (as defined for this tax credit as anywhere outside a three-mile radius of an incorporated municipality with a population of 30,000 or more.
The taxpayer claims the credit within 1 year following the end of the year in which the expenditure was made. The credit amount is applied against the taxpayer’s state gross receipts, compensating, and withholding liabilities until the credit is exhausted.
Eligible Uses
http://gonm.biz/why-new-mexico/competitive-business-climate/incentives/technology-jobs-tax-credit