On Apr. 9, 2025, NM LEG published final bill, following approval by governor on Apr. 8.
On Mar. 18, NM LEG passed bill re high wage jobs tax credit eligibility.
NM LEG passed bill HB 368 regarding the threshold for the high wage jobs tax credit.
Amends NM LEG 7-9G-1 on eligibility of employers to file for high wage tax credit.
Bill Provisions
The purpose of the high wage jobs tax credit is to provide an incentive for urban and rural businesses to create job growth and to fill new higher wage jobs in New Mexico.
Tax credit may be claimed and allowed in an amount equal to 8.5% of the wages distributed to employee but shall not exceed $12,750 per job per qualifying period.
A new job is not eligible for a credit unless the number of employees with threshold jobs is one more on the first day of qualifying period than on last day of the previous.
A threshold job redefined as one that is occupied for at least 44 weeks of the first 52 of employment by an eligible employee starting from the first day of job occupancy.
Legislative History
On Feb. 11, 2025, bill introduced in House; on Mar. 11, 2025, bill was passed in House.
On Mar. 12, 2025, bill sent to the Senate; on Mar. 18, 2025, bill was passed in Senate.
Effectiveness
Upon enactment, bill is effective 90 days after adjournment, on Jun. 20, 2025.
Apr. 2025 NM LEG Governor Approval
On Apr. 9, 2025, NM LEG published final bill, following approval by governor on Apr. 8.
Regulators
NM LEG
Entity Types
Corp
Reference
Bill HB368, 4/9/2025; Bill HB368, 3/18/2025; Citation: NM LEG 7-9G-1;
