Chapter 7, Article 9E NMSA 1978 may be cited as the “Laboratory Partnership with Small Business Tax Credit Act”. History: Laws 2000 (2nd S.S.), ch. 20, § 1; 2007, ch. 172, § 14. ANNOTATIONS The 2007 amendment, effective July 1, 2007, changed the statutory reference to the act.
If more than one national laboratory is eligible for a tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act, a national laboratory shall not file a tax credit claim pursuant to the Laboratory Partnership with Small Business Tax Credit Act until: A. coordination is developed between the national laboratories providing small […]
A. By October 15 of each year, a national laboratory that has claimed a tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act for the previous calendar year shall submit an annual report in writing to the department, the economic development department and an appropriate legislative interim committee. B. If more […]
It is the purpose of the Laboratory Partnership with Small Business Tax Credit Act to bring the technology and expertise of the national laboratories to small businesses in New Mexico to promote economic development in the state, with an emphasis on rural areas. History: Laws 2000 (2nd S.S.), ch. 20, § 2. ANNOTATIONS Effective dates. […]
As used in the Laboratory Partnership with Small Business Tax Credit Act: A. “contractor”: (1) means a person that: (a) has the capability to provide small business assistance; and (b) may enter into a contract with a national laboratory to provide small business assistance; and (2) includes: (a) a gas, water or electric utility owned […]
The department shall administer the Laboratory Partnership with Small Business Tax Credit Act pursuant to the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: Laws 2000 (2nd S.S.), ch. 20, § 4. ANNOTATIONS Effective dates. — Laws 2000 (2nd S.S.), ch. 20 contained no effective date provision, but, pursuant to N.M. Const., art. […]
A national laboratory is eligible for a tax credit in an amount equal to qualified expenditures if: A. the small business assistance is rendered to a small business located in New Mexico; B. the small business assistance is completed; C. the small business certifies to the national laboratory that the small business assistance provided is […]
To qualify for tax credits pursuant to the Laboratory Partnership with Small Business Tax Credit Act, a national laboratory shall: A. establish a small business assistance program; B. establish a revolving fund with initial funding from a source other than tax credits. Money from the revolving fund shall be used to pay for qualified expenditures, […]
A tax credit provided pursuant to the Laboratory Partnership with Small Business Tax Credit Act shall be in an amount equal to the qualified expenditure incurred by the national laboratory to provide small business assistance to a specific small business, not to exceed twenty thousand dollars ($20,000) for each small business for which small business […]
A. A national laboratory eligible for the tax credit pursuant to the Laboratory Partnership with Small Business Tax Credit Act may claim the amount of each tax credit by crediting that amount against gross receipts taxes otherwise due pursuant to the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978]. The tax […]
Should the revolving fund established pursuant to Section 6 [7-9E-6 NMSA 1978] of the Laboratory Partnership with Small Business Tax Credit Act cease to be used for the purposes stated in that act, any amounts remaining in the revolving fund, excluding initial funding from nontax credit sources, shall be paid over to the department as […]
