Rural Jobs Tax Credit

The Metro New Mexico communities of Belen, Los Lunas and Estancia Valley qualify as rural for purposes of this tax transferable tax credit. Passed by the 2001 legislature, the law states that:

• Credit can be taken against the state portion of the gross receipts or compensating tax and corporate or personal income tax.
• An annual tax credit equal to 6.25% of the first $16,000 of wages paid to a full-time employee ($1,000 maximum credit per employee).
• Credit can be taken for four years in a Tier 1 area (unincorporated area or municipality with a population of 15,000 or less) or two years in a Tier 2 community (municipality in a rural area with a population of more than 15,000) if qualifying employee has worked 48 weeks during the year the credit is taken and has worked at a job qualifying for training assistance.
• The credit can be carried forward for 3 years.
• The credit is transferable.
• New Mexico's Economic Development Department will certify eligibility.

For more information or a free custom analysis of tax incentives for your company, call 800-226-2935 or email us .

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