Corporate Income Tax Reduction
The corporate income tax act is amended to reduce the top corporate tax rate from its present law 7.6% to 5.9% over five years. The reduction begins in 2014, with a rate reduction to 7.3% followed by 6.9% in 2015 and 6.6% in 2016. In 2017, the top bracket is collapsed into the middle bracket (presently 6.4%), with a 6.2% rate. For tax years 2018 and following, the top bracket of two becomes 5.9%. The bottom 4.8% bracket remains the same.
New Mexico Economic Development
Category: Manufacturing and Technology, State Incentives
More Manufacturing and Technology, State Incentives
Administered by NM Taxation & Revenue DepartmentManufacturers may take a credit against gross receipts, compensating or withholding taxes equal to 5.125% of the value of qualified equipment when the following employment conditions are met:For every $500,000 of equipment, 1 employee must be added up to $30...
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The purpose of the credit is to provide a favorable tax climate for technology-based businesses engaging in research, development and experimentation and to promote increased employment and higher wages in those fields in New Mexico.A taxpayer conducting qualified research at a qualified facility and making...
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