New Mexico Annual Incentive Compensation Plan
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How to fill out Annual Incentive Compensation Plan?
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FAQ
The Job Training Incentive Program (JTIP) funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to 6 months. The program reimburses 50-90% of employee wages.
EARNED INCOME TAX CREDIT (EITC) Latest Legislative Action: In 2021, House Bill 291 raised the state tax credit to 20% for tax years 2021 and 2022, and increased it to 25% in tax year 2023 and beyond.
The above-the-line credit cap for New Mexico Film Partners, including Netflix, NBCUniversal, and 828 Productions, has also been increased from $5 million to $15 million per production. The legislation further introduces a maximum total credit cap of $40 million per fiscal year.
On July 28, 2023 (payday for the first full pay period in July), State of New Mexico employees who have completed their probationary period and have received an overall final rating of ?Achieves Performance Standards? or higher on their last evaluation will get a 6% cost of living adjustment (COLA).
HIGH WAGE JOBS TAX CREDIT (HWJTC) Companies located in communities with a population less than 60,000 are eligible for the same tax credit for each net new job paying a net taxable wage of at least $40,000. The credit is capped at $12,750 per job per year. The credit is set to sunset on June 30, 2026.
HIGH WAGE JOBS TAX CREDIT (HWJTC) Companies located in communities with a population less than 60,000 are eligible for the same tax credit for each net new job paying a net taxable wage of at least $40,000. The credit is capped at $12,750 per job per year. The credit is set to sunset on June 30, 2026.
The ERC credit for New Mexico business owners is available until 2024 and 2025. Many New Mexico companies will be eligible for the employee retention tax credit (ERTC) for specific periods of time based on these mandated NM executive orders limiting business capacity in New Mexico.
