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Child Care Corporate Tax Credit

Category: State Incentives, Tax Incentives


AGENCY: Taxation and Revenue Department
DESCRIPTION: A tax credit is available on a percentage of eligible expenses for child care services incurred and paid by the taxpayer in the taxable year for dependent children of their employees. The credit may be claimed against corporate income tax.
ELIGIBLE USES:
• A child care facility used primarily by the dependent children of the taxpayer’s employees.
PROGRAM/LOAN STRUCTURE:
• Maximum Program Benefits: Offers a tax credit of up to 30% of eligible expenses, net of reimbursements or $30,000 in any taxable year per year.
QUALIFICATION CRITERIA/COMMENTS:
• Unused credits can be carried forward for three consecutive years; excesses of these limits can be deducted from the next year’s limits for up to three years.
•  Dependent children are under 12 years of age.
•  Any receipts of a corporation from an employee for the use of the child care facility are considered a ?reduction of the allowable expenses for computing the child care credit.
•  The credit allowed may only be taken if the facility is operated under the authority of a license issued ?pursuant to the Public Health Act and is operated without profit by the taxpayer.
•  Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or ?find paperwork and applications at http://www.state.nm.us/tax/BizPge.htm.
•  Call the office of the Secretary at (505) 827-0951.


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Greater Gallup Economic Development Corporation | 102 W. Hill Avenue, PO Box 1795 | Gallup, NM  87301
Phone (505) 722-2980 | Fax (505) 722-2987