The bill amends the Technology Readiness Gross Receipts Tax Credit in New Mexico, extending its expiration date from July 1, 2027, to July 1, 2036. It allows national laboratories that provide technology readiness assistance to businesses registered in New Mexico to claim a tax credit against their gross receipts tax liability. The amount of the credit is based on qualified expenditures incurred by the national laboratory, with a cap of $150,000 per business per fiscal year. Additionally, the annual aggregate amount of credits allowed per national laboratory will increase over the years, starting from $2 million in 2027 and reaching $5 million by 2030.

The bill also outlines the requirements for taxpayers to claim the credit, including the need for certification from businesses receiving assistance and evidence of their registration in New Mexico. National laboratories are tasked with creating forms for assistance requests, establishing a technology readiness assistance program, and consulting with the secretary of economic development. Furthermore, if multiple national laboratories provide assistance to the same business, they must coordinate their efforts to ensure that the combined claims do not exceed the established limits. The bill emphasizes the importance of technology maturation and economic development in New Mexico.

Statutes affected:
introduced version: 7-9-96.3
CT substitute: 7-9-96.3