The New Mexico Taxation and Revenue Department recently updated Publication FYI-102, Information for New Businesses. This publication contains information for business owners on how to register their businesses for taxation purposes with the Department, certain requirements relating to tax information reporting such as electronic filing requirements, and Department resources for new businesses.
The main change in the document is an added section detailing the Foster Youth Employment Tax Credit. The section lays out the guidelines for a credit of up to $1,000 dollars of corporate or personal income tax for wages paid when employing a qualified foster youth in New Mexico. The credit must be claimed within one calendar year from the date of hire and can apply to multiple qualified foster youth. Before the credit can be claimed the foster youth must obtain certification from a state or federal agency.
To review this publication in its entirety, please click http://www.tax.newmexico.gov/forms-publications.aspx and navigate to the Publications folder of the website page tree.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa