us-nm/stat
NMSA 1978, § 7-2-18.33 — Credit; nurses; 2022 taxable year
A.
For taxable year 2022, a taxpayer who is not a dependent of another individual
and who was employed full time as a nurse at a hospital located in New Mexico may
apply for, and the department may allow, a tax credit against the taxpayer's tax liability
pursuant to the Income Tax Act pursuant to the provisions of this section.
B.
The amount of tax credit allowed pursuant to this section shall be in an amount
equal to one thousand dollars ($1,000).
C.
To receive a tax credit provided by this section, a taxpayer shall apply to the
department on forms and in the manner prescribed by the department. The application
shall include a certification by the hospital for which the taxpayer was employed in 2022
that the taxpayer was employed full time throughout 2022 as a nurse by the hospital.
D.
That portion of the tax credit that exceeds a taxpayer's tax liability in the taxable
year in which the credit is claimed shall be refunded to the taxpayer.
E.
A taxpayer allowed a tax credit pursuant to this section shall report the amount of
the credit to the taxation and revenue department in a manner required by that
department.
F.
The department shall compile an annual report on the tax credit provided by this
section that shall include the number of taxpayers approved by the department to
receive the credit, the aggregate amount of credits approved and any other information
necessary to evaluate the credit. The department shall present the report to the
revenue stabilization and tax policy committee and the legislative finance committee
with an analysis of the cost of the tax credit.
G.
As used in this section:
(1) "full time" means working at least thirty hours per week for forty-four
weeks per year;
(2) "hospital" means a facility licensed as a hospital by the department of
health; and
(3) "nurse" means a person licensed as a registered nurse or licensed
practical nurse pursuant to the Nursing Practice Act [Chapter 61, Article 3 NMSA 1978].
Source: official text