Skip to content

New Mexico Tax Credits for Hobbs Businesses

Child Care Corporate Tax Credit

A New Mexico employer that pays for or provides child-care services for employees may claim a credit against corporate income tax equal to 30 percent of the total expenses, net of any reimbursements, for child-care services incurred in the taxable year. 7-2A-14 NMSA 1978

High-Wage Jobs Tax Credit

A credit may be applied for each new high-wage economic-based job equal to 10 percent of the wages and benefits for the year in which the new high-wage economic-based job is created and for the three following qualifying periods. The credit shall not exceed $12,000. If the credit exceeds the modified combined tax liability of the taxpayer, the excess shall be refunded to the taxpayer. 7-9G-1 NMSA 1978

Job Mentorship Tax Credit

A credit equal to 50 percent of gross wages paid to qualified students employed during the taxable year may be applied to corporate income tax. The credit shall not exceed $12,000. 7-2A-17.1 NMSA 1978

Scroll To Top