Qualifying newspaper printer owners could claim wage-based tax credits

Owners of qualifying printers could claim a personal or corporate income tax credit based on eligible workers’ wages. The printer must produce newspapers for a local news organization that publishes state or local news and meets the bill’s publication, ownership-disclosure, and other requirements. Eligible workers must do newspaper production work at a New Mexico location and work for the printer for at least 25 percent of the tax year. Personal income tax claimants cannot be another person’s dependent. The printer must have used a newspaper web press for at least five years and employ at least five eligible workers. The worker must do newspaper production work at a New Mexico location for at least one quarter of the tax year. The credit is based on wages paid, up to $10,000 per worker averaging at least 20 hours a week or $5,000 per worker averaging fewer hours. Owners must apply for certification. The department would review completed applications in the order received. Both credits share a $1 million annual certification limit, and a taxpayer may claim credits for no more than 100 workers. Any credit above the taxpayer’s tax liability would be refunded. The credits would apply to tax years beginning on or after January 1, 2026, and before January 1, 2031.