New Mexico tax credits and incentives
Review the program rules and claim timing below, then confirm the requirements with the administering agency.
This directory is not tax advice. Confirm eligibility, tax-year rules, deadlines and filing requirements with a tax professional.
Amounts are subject to the conditions in each listing. A source review does not mean applications are open or that a business qualifies.
1 program
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New Mexico technology jobs and research credit
Tax credit
Basic credit of 5% of qualified expenditures, or 10% in a qualifying rural area; an additional 5% or 10% may apply when the payroll test is met. [New Mexico technology jobs and research application]
Check program requirements [New Mexico technology jobs and research application]
Eligibility, claim steps and deadlines for New Mexico technology jobs and research credit
- Who qualifies
- Taxpayers conducting qualified research at eligible New Mexico facilities. An additional credit requires payroll growth of $75,000 per $1 million in qualifying expenditures. [New Mexico technology jobs and research application]
- What it’s worth
- Basic credit of 5% of qualified expenditures, or 10% in a qualifying rural area; an additional 5% or 10% may apply when the payroll test is met. [New Mexico technology jobs and research application]
- How to claim
- Apply for approval with Form RPD-41385 and expense and payroll documentation. Confirm the current claim form after approval. [New Mexico technology jobs and research application]
- Deadlines and application windows
- Basic-credit application: within one year after the expense reporting period ends. Additional-credit application: within one year after the expense tax year ends. [New Mexico technology jobs and research application]
Sources reviewed
Full details and sources for New Mexico technology jobs and research credit