LOCAL NEWS PRINTER TAX CREDIT

SB 111 creates a tax credit for owners of local news printers (printing businesses serving local news organizations) to offset taxes based on wages paid to qualified employees. It provides up to $10,000 per full-time equivalent employee ($5,000 for part-time) working at least 25% of the year in New Mexico on newspaper production, with a total annual cap of $1 million across all claims. To qualify, printers must have operated for five years, employ at least five qualified workers, and meet specific ownership and operational requirements (e.g., not publicly traded). The credit applies to both individual and corporate income tax liabilities for taxable years before 2030.