HB 368 New Mexico House · 2025 Regular Session

HIGH WAGE JOBS TAX CREDIT "THRESHOLD JOB"

HB 368 amends New Mexico's high-wage jobs tax credit program by updating the definition of "threshold job" to clarify eligibility. It allows businesses to claim an 8.5% tax credit on wages for new high-wage jobs, capped at $12,750 per job annually. Employers must certify specific details like employee wages, job location, and workforce changes when applying. The bill was signed into law in April 2025, making these changes effective for tax credit applications.

Bill status signed all 5 stages cleared

Introduction

Feb 2025

Committee Review

Mar 2025

House Passage

Mar 2025

Senate Passage

Mar 2025

Signed into Law

Apr 2025

Introduced Feb 11, 2025 Signed Apr 9, 2025

Maddy AI version diff · 1 comparison

What changed between versions

introduced version → Final Version · 5 edits

MODERATE

The bill was reformatted from an introduced version to a final version with substantive changes to the high-wage jobs tax credit. The main changes include adding a new definition for 'threshold jobs' required to qualify for the credit, clarifying eligibility rules for consecutive qualifying periods, and adding new certification requirements for employers. The bill also includes provisions for business mergers and acquisitions to prevent credit abuse.

Scope change

The bill's scope expanded to include more detailed eligibility criteria and definitions, particularly around threshold jobs and business location requirements.

DEFINITION

Added a new definition for 'threshold jobs' that employers must meet to qualify for the high-wage jobs tax credit.

ELIGIBILITY

Modified eligibility rules to require that employers have at least one more threshold job than they had on the day before creating a new high-wage job.

REQUIREMENT

Added new certification requirements for employers to include information about wages, weeks occupied, municipality population, and employee counts.

Added restrictions preventing employers from moving jobs between locations to qualify for the credit.

ADDED

Added provisions to prevent credit abuse during business mergers, acquisitions, or changes in business organization.

Floor votes · Senate Mar 18, 2025 · House Mar 11, 2025

How they voted

37–0

Passed · 3 other

Total votes 40

Mar 18, 2025

D Democratic24

22 Yea 2

91% Yea

R Republican16

15 Yea 1

93% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 9, 2025

Signed into law

Signed

executive

Mar 18, 2025

Upper · Passed

passed Senate

upper

Mar 16, 2025

Upper · Passed

DO PASS committee report adopted

upper

Mar 12, 2025

Introduced

Sent to Senate Tax, Business and Transportation Committee

upper

Mar 11, 2025

Lower · Passed

passed House

lower

Mar 5, 2025

Lower · Passed

DO PASS committee report adopted

lower

Feb 27, 2025

Lower · Passed

DO PASS committee report adopted

lower

Feb 11, 2025

Introduced

Sent to House Commerce & Economic Development Committee & House Taxation & Revenue Committee

lower

2 primary · 0 co-sponsors