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 is eligible for the tax credit only if the total number of employees with threshold jobs at the employer's location is at least one more than the number of threshold jobs prior to the creation of the new job. Additionally, for consecutive qualifying periods, the total number of threshold jobs must be greater than or equal to the number of threshold jobs at the end of the initial qualifying period for the new high-wage job.

The bill also outlines the requirements for taxpayers to apply for the high-wage jobs tax credit, including the need to file an application annually and provide specific certifications regarding wages, job occupancy, and employee counts. It specifies that the credit is available for new high-wage jobs created on or after July 1, 2004, and before July 1, 2026, with defined wage thresholds based on the job's location. Furthermore, the bill includes provisions for penalties for false certifications and stipulates that the economic development and taxation departments must report annually on the credit's cost and impact on job creation.

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