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RPD-41288 Rev 01/07/2014 STATE OF NEW MEXICO - TAXATION AND REVENUE DEPARTMENT APPLICATION FOR HIGH WAGE JOBS TAX CREDIT Who Must File: An eligible employer may file this form to apply for a high.

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March 2022. New Mexico joined many other states in enacting a new state Child Tax Credit (CTC). The recently passed House Bill 163 creates a new refundable tax credit worth $175 per child and eliminates the income tax on Social Security.

New Mexico recently enacted a new state-level CTC that will provide benefits to every single child throughout the state. [1] Increasing the credit to an even more meaningful amount will only build on this progress and provide greater economic security to our families.

New Mexico Tax Rates, Collections, and Burdens New Mexico has a graduated individual income tax, with rates ranging from 1.70 percent to 5.90 percent. New Mexico also has a 4.8 percent to 5.9 percent corporate income tax rate.

Employee Retention Credit Program for New Mexico PPP funds are allocated based on 2.5 months of payroll, with a minimum of 80% of funds utilized on payroll to qualify for forgiveness. Furthermore, PPP monies are not taxed as income, and you may still deduct the PPP-covered wages.

You have a Modified Gross Income of $30,160 or less. You were a New Mexico resident during any part of the tax year. You provided over half the cost of maintaining a household for one or more qualifying dependents for the part of the tax year for which the rebate is claimed (either separately or jointly with a spouse).

The History of the Credits The Working Families Tax Credit (WFTC) is the state's equivalent of the federal Earned Income Tax Credit (EITC). Its eligibility levels and amounts are based directly on the EITC, and it increases, complements, and leverages the EITC's ability to directly benefit New Mexico.

The maximum tax credit amount with respect to each qualifying job is equal to: (1) twenty-five percent of the first sixteen thousand dollars ($16,000) in wages paid for the qualifying job if the job is performed or based at a location in a tier one area; or (2) twelve and one-half percent of the first sixteen thousand ...

A taxpayer who is an eligible employer may apply for and receive a tax credit for each new high-wage economic-base job. The credit amount equals 8 1/2% of the wages and benefits paid for each new economic-base job created, up to $12,750 per job.

The Working Families Tax Credit is a new annual tax refund for Washington residents worth $50-$1,200 depending on your income level and how many qualifying children you have in your household.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232