NM High Wage Jobs Tax Credit
Supports New Mexico employers creating higher-paid jobs through a refundable wage-based tax credit for qualifying hires.
The New Mexico High Wage Jobs Tax Credit (NMSA 1978 §7-9G-1) is a refundable state tax credit administered by the New Mexico Taxation and Revenue Department (TRD) Business Credit Audit Team. The program incentivizes private-sector employers operating in New Mexico to create high-paying jobs by providing a per-hire credit of 8.5% of wages paid per qualifying new job, capped at $12,750 per job per y…
Refundable New Mexico tax credit of 8.5% of wages per new qualifying job, capped at $12,750 per job per year for up to four years, requiring minimum salaries of $60,000 urban or $40,000 rural, with new-job eligibility sunsetting July 1, 2026.
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