New Mexico Tax Department Releases Revised Bulletin on Claiming Business-Related Tax Credits for Individuals, Businesses

The New Mexico Taxation and Revenue Department released a bulletin describing the state’s tax credits available to businesses and individuals. The main announcement provides detailed information on various different tax credits related to areas such as renewable energy, sustainable building, employment, film production, technology, and more. The Department updated the bulletin to reflect the current gross receipts state tax rate of 4.875 percent, provide new guidance on Geothermal Electricity Generation, and provide a list of references and contact information. [N.M. Tax’n & Revenue Dep’t, Bull. No. FYI-106, 02/01/25]

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