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A taxpayer owning a New Mexico business may claim a Job Mentorship Tax Credit for employing qualified students who take part in a career preparation education program. The credit equals 50% of gross wages paid to a maximum of 10 qualified students. The business must employ the students for up to 320 hours each during the tax year. A taxpayer may not claim a credit for one qualified individual for more than three tax years. The maximum credit for one tax year is $12,000.
Obtain a Form RPD-41280, Job Mentorship Tax Credit Certificate, from the secondary school operating the career preparation education program for each qualified student you employ. Complete Form RPD-41281, Job Mentorship Tax Credit Claim Form, and attach it to your PIT-1 form with schedule PIT-ADJ. Enter the credit claimed on line 25, Schedule PIT-ADJ. Also attach a Job Mentorship Tax Credit Certificate for each qualified student employed during the tax year. You may carry unused credit forward for three consecutive years. A married couple filing separate returns may each claim half the allowable credit. A partnership or other business association of which the taxpayer is a member may claim a credit in proportion to the taxpayers interest in the partnership or association.
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