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 credit shall be taken on each monthly gross receipts tax return filed by the laboratory against gross receipts taxes due the state and shall not impact any local government tax distribution. In no event shall the tax credits taken by an individual national laboratory exceed two million four hundred thousand dollars ($2,400,000) in a given calendar year.

B. Tax credits claimed pursuant to the Laboratory Partnership with Small Business Tax Credit Act by all national laboratories in the aggregate for qualified expenditures for a specific small business not located in a rural area shall not exceed twenty thousand dollars ($20,000).

C. Tax credits claimed pursuant to the Laboratory Partnership with Small Business Tax Credit Act by all national laboratories in the aggregate for qualified expenditures for a specific small business located in a rural area shall not exceed forty thousand dollars ($40,000).

History: Laws 2000 (2nd S.S.), ch. 20, § 8; 2007, ch. 172, § 18; 2019, ch. 64, § 4.

The 2019 amendment, effective July 1, 2019, increased the maximum tax credit amounts for assisting a small business from ten thousand dollars ($10,000) to twenty thousand dollars ($20,000) for assisting businesses in urban areas and from twenty thousand dollars ($20,000) to forty thousand dollars ($40,000) for assisting businesses in rural areas; in Subsection B, after "shall not exceed", deleted "ten thousand dollars ($10,000)" and added "twenty thousand dollars "($20,000)"; and in Subsection C, after "shall not exceed", deleted "twenty thousand dollars ($20,000)" and added "forty thousand dollars ($40,000)".

The 2007 amendment, effective July 1, 2007, increased the maximum credit by an individual national laboratory from $1,800,000 to $2,400,000 in a calendar year and added Subsections B and C.