High Wage Jobs Tax Credit

Companies may take a credit equal to ten percent of the combined value of salaries and benefits for each new job paying a minimum of $28,0000 per year in areas with populations less than 40,000 persons; companies located in larger areas, including Santa Fe, must pay salaries of $40,000 to receive the credit.

Qualified employers may take the credit for up to four years and any excess credit will be refunded to the business.  The credit shall not exceed $12,000 per year, per job. The credit is applied against the businesses tax liability, including the state portion of gross receipts tax, compensating tax and withholding tax.