This credit can be applied to taxes due on (state) gross receipts, corporate income, or personal income tax. Rural New Mexico is defined as any part of the state other than Los Alamos County; certain municipalities: Albuquerque, Rio Rancho, Farmington, Las Cruces, Roswell, and Santa Fe; and a 10-mile zone around those select municipalities.
The rural area is divided into 2 tiers:
The maximum tax credit amount with respect to each qualifying job is equal to:
A qualifying job is a job filled by an eligible employee for 48 weeks in a 12-month qualifying period.
The credit may be carried forward for up to 3 years.