R&D Small Business Tax Credit (New Mexico)

From Open Energy Information

Last modified on February 12, 2015.

EZFeed Policy

Place New Mexico

Applies to States or Provinces New Mexico
Name R&D Small Business Tax Credit (New Mexico)
Policy Category Financial Incentive
Policy Type Corporate Tax Incentive
Affected Technologies Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy
Active Policy Yes
Implementing Sector State/Province

Program Administrator New Mexico Economic Development Department
Primary Website http://www.gonm.biz/Tax_Policy.aspx

Last Review 2014-09-15

Information Source http://www.tax.newmexico.gov/SiteCollectionDocuments/rpd-41298.pdf


A qualified small business R&D small business is eligible for a credit equal to the sum of all gross receipts taxes, compensating taxes, or withholding taxes due to the state for up to three years. Qualified R&D small businesses can employ no more than 25 employees or have a total revenue of more than $5 million.

Qualified research is defined as that undertaken for the purpose of discovering information that is technological in nature and the application of which is intended to be useful in the development of a new or improved business component and in which substantially all activities constitute elements of a process of experimentation related to new or improved function, performance, reliability or quality, but not related to style, taste, cosmetic or seasonal design factors.

Qualified R&D small business means a business that: 1. Employs no more than 25 employees in any prior calendar month 2. Had total revenue of no more than $5 million dollars in any prior fiscal year. 3. Did not in any prior calendar month have more than 50% of its voting securities or other equity interest with the right to designate or elect the board of directors or other governing body of the qualified business owned directly or indirectly by another business 4. Has made qualified research expenditures for the period of 12 calendar months ending with the month for which the credit is sought of at least 20% of its total expenditures for those 12 months.

Policy Contact

Department New Mexico Economic Development
Address Joseph M. Montoya Building, 1100 St. Francis Drive, Santa Fe, NM, 87505-4147

Phone 505-827-0300

Authorities (Please contact the if there are any file problems.)

Authority 1: Research and Development Small Business Tax Credit Claim Form
Date Effective 2009