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Investment Credit

Investment Credit

The Investment Credit Act

Investment credits are available to manufacturers locating in Santa Teresa and are a reward for increasing employment in the area. Manufacturers are allowed to take a tax credit equal to 5% of the value of equipment and machinery used for manufacturing. If the equipment is used or moved in from outside New Mexico, the credit is determined based on its book value. The Investment Credit Act can be used to reduce Gross Receipts and Compensating, or Withholding Tax owed to the state, not to exceed 85% of tax liability in any one of those categories. Credits not claimed in one reporting period may be carried forward and applied to subsequent periods.

To qualify for the Investment Credit a company must hire new workers. The employment requirement schedule is as follows:

For Claims Of:

One new worker must be hired for each:

$0 to $30,000,000

$500,000 in qualified equipment

$30,000,001 +

$1,000,000 in qualified equipment

The Investment Credit Act Reward Employers for Hiring Workers

The Investment Credit Act may be claimed for equipment acquired with Industrial Revenue Bonds. To receive credit, the manufacturer applies to the New Mexico Taxation and Revenue Department by the end of the year in which the equipment was purchased or introduced into New Mexico. Construction, power generating and natural resource processing companies are not considered manufacturers and therefore do not qualify for the credit.

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