Tax Credits 

New Mexico offers business-related tax credits to corporations and individuals who meet the requirements set out in the statutes for each credit. The statutes creating the credits also designate the taxes against which the credit may be applied.  Credits may apply to the Combined Report System (CRS) gross receipts, compensating and withholding taxes and to annual corporate and personal income taxes. This site summarizes New Mexico’s business-related tax credits and the procedures for claiming them. General types of tax credits are:

 

  • personal income tax credits;
  • conservation and preservation tax credits;
  • general industry incentive tax credits;
  • specific industry incentive tax credits;
  • employment enhancementtax credits; and 
  • gross receipts tax credits.

 

To review the specific tax credits listed within each tax credit type, click the links on the left-hand side of this page.

 

Please note that some credits have limited eligibility dates. The Taxation and Revenue Department cannot consider claims for periods prior to dates stated in the legislation or claims that are filed after the deadline has passed.

 

Please be aware that legislation, regulations, court decisions, revenue rulings, notices and announcements subsequent to the publication date may affect the information’s accuracy. You may apply credits only to tax liabilities designated by law. Some credits are refundable or transferrable.

  • Message from the Secretary
    Thank you again for making the 2012 tax-filing season a success. Largely because of your efforts, we were able to process nearly $260 million in personal income tax refunds in a timely and efficient fashion with very few errors. Read More     ​

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Low-income residents may qualify for income tax credits.
You may qualify for the Working Family Income Tax Credit.
You may qualify for the Earned Income Tax credits.
Estimated tax payments may be required if you withhold too little.
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Gross receipts tax rates are subject to change in January and July.
NTTCs may be required to support tax-deductible sales.
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