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 application process for taxpayers seeking the tax credit, stipulating that applications must be filed annually and include specific certifications regarding employee wages, job occupancy, and the number of threshold jobs at the employer's location.

Additionally, the bill outlines the eligibility criteria for claiming the high-wage jobs tax credit, including stipulations that prevent credits from being claimed for jobs created due to business mergers or acquisitions, or for jobs that replace those previously held by employees of a replaced entity. It also specifies that a taxpayer cannot submit a new application for the credit for at least two calendar years if they lost eligibility due to ceasing business operations in New Mexico. 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.

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