The bill amends the definition of "threshold job" within the context of the High-Wage Jobs Tax Credit in New Mexico. It establishes that a new high-wage job must be occupied for at least forty-four weeks within the first fifty-two weeks of employment by an eligible employee and must meet the wage requirements for a "new high-wage job." The bill also clarifies the eligibility criteria for claiming the tax credit, including stipulations regarding the total number of employees with threshold jobs and the conditions under which a new high-wage job can be created, particularly in relation to business mergers or acquisitions.

Additionally, the bill outlines the application process for the tax credit, requiring eligible employers to submit an annual application that includes various certifications and information about the new high-wage jobs created. It specifies that the provisions of this act will apply to applications received by the taxation and revenue department on or after the effective date of the act. Overall, the bill aims to incentivize the creation of high-wage jobs in both urban and rural areas of New Mexico while ensuring that the jobs meet specific criteria to qualify for the tax credit.

Statutes affected:
introduced version: 7-9G-1
Final Version: 7-9G-1