us-nm/stat
NMSA 1978, § 7-9F-6 — Eligibility requirements
A.
A taxpayer conducting qualified research at a qualified facility and making
qualified expenditures is eligible to claim the basic credit pursuant to the Technology
Jobs and Research and Development Tax Credit Act.
B.
A taxpayer conducting qualified research at a qualified facility and making
qualified expenditures is eligible to claim the additional credit pursuant to the
Technology Jobs and Research and Development Tax Credit Act if:
(1) the taxpayer increases the taxpayer's annual payroll expense at the
qualified facility by at least seventy-five thousand dollars ($75,000) over the base payroll
expense of the taxpayer;
(2) the increase in Paragraph (1) of this subsection has not previously been
used to meet the requirements of this subsection; and
(3) there is at least a seventy-five-thousand-dollar ($75,000) increase in the
taxpayer's annual payroll expense for every one million dollars ($1,000,000) in qualified
expenditures claimed by the taxpayer in a taxable year in the same claim.
Source: official text