Small Biz Tax Credit Passes House Floor Unanimously
SANTA FE – House Bill 526, the bipartisan Laboratory Contract with Small Business Tax Credit, Sunday passed the House Floor unanimously. Representatives Christine Chandler (D-Los Alamos), Abbas Akhil (D-Albuquerque), Jason Harper (R-Rio Rancho) and Joseph Sanchez (D-Alcalde) introduced the bill.
House Bill 526 increases the maximum tax credit amounts for Los Alamos National Laboratory and Sandia National Laboratories for contracting with New Mexico small businesses through the New Mexico Small Business Assistant Act (NMSBA).
While the total amount of funds available in the program remains the same, this bill will increase itemized credits from $10,000 to $20,000 and $20,000 to $40,000 for assistance provided to New Mexico small businesses based in urban and rural areas, respectively.
“It is essential for economic growth that we connect our small businesses to the technical knowhow in our national laboratories. I am proud to move this bipartisan legislation forward with the support of small businesses across New Mexico. Under this Act, technical assistance to over 2,900 small businesses increased their revenue by $380 million and created 8,000 jobs. I am proud to pass this legislation to continue these smart investments so that our small businesses can grow and thrive,” Rep. Akhil said.
“Our national laboratories are world-class institutions with the ability and the resources to lift up hundreds of New Mexico small businesses. This tax credit has proven its return on investment and will have a positive economic impact on communities across the state,” Rep. Chandler said.
“This legislation will have a wide-ranging positive effect on small businesses in every county in New Mexico. Small businesses are the lifeblood of local economies, especially in rural communities, and this initiative is a key part of attaining economic security,” Rep. Sanchez said.
The NMSBA has been enormously successful in creating jobs, expanding technology and building partnerships between small-businesses and two of our state’s major employers.
House Bill 526 now heads to the Senate for consideration.