The bill amends the definition of "threshold job" within the context of the high-wage jobs tax credit in New Mexico. It introduces new legal language specifying that a threshold job must be occupied for at least forty-four weeks during the first fifty-two weeks of employment by an eligible employee, starting from the day the employee occupies the job. Additionally, it stipulates that the threshold job must meet the wage requirements for a "new high-wage job." The bill aims to clarify the criteria for qualifying jobs that can be considered for the tax credit, thereby enhancing the effectiveness of the program in incentivizing job creation.

Furthermore, the bill outlines that the provisions will apply to applications for the high-wage jobs tax credit received by the taxation and revenue department on or after the effective date of the act. This change is intended to streamline the application process and ensure that the updated definitions are applied to future applications, thereby promoting clarity and consistency in the administration of the tax credit program.

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