A. The basic credit provided for in the Technology Jobs and Research and Development Tax Credit Act is an amount equal to five percent of the amount of qualified expenditures made by a taxpayer conducting qualified research at a qualified facility. B. The additional credit provided for in the Technology Jobs and Research and Development Tax Credit Act is an amount equal to five percent of the amount of qualified expenditures made by a taxpayer conducting qualified research at a qualified facility. History: Laws 2000 (2nd S.S.), ch. 22, § 5; 2015 (1st S.S.), ch. 2, § 14. ANNOTATIONSThe 2015 (1st S.S.) amendment, effective January 1, 2016, amended language to reflect the new title of the Technology Jobs and Research and Development Tax Credit Act and increased the basic and additional tax credits provided for in the Technology Jobs and Research and Development Tax Credit Act from four percent to five percent of the amount of qualified expenditures; in Subsection A, after 'Technology Jobs', added 'and Research and Development', and after 'an amount equal to', deleted 'four' and added 'five'; in Subsection B, after 'Technology Jobs', added 'and Research and Development', and after 'an ', added 'and Research and Development', and after 'an amount equal to', deleted 'four' and added 'five'; in Subsection B, after 'Technology Jobs', added 'and Research and Development', and after 'an amount equal to', deleted 'four' and added 'five'. Applicability. — Laws 2015 (1st S.S.), ch. 2, § 25 provided that Laws 2015 (1st S.S.), ch. 2, § 14 apply to taxpayers that make a qualified expenditure beginning on or after January 1, 2015.
New Mexico Legal Code