SANTA FE—This afternoon, the House Business and Industry Committee unanimously approved House Bill 212 to establish a family-friendly workplace income tax credit for New Mexico small businesses.
HB 212, sponsored by Rep. Rebecca Dow (R-Truth or Consequences), provides a tax credit for small businesses that have implemented family-friendly workplace policies such as parental paid leave and part-time employee benefits. Employers could claim $1,000 per full-time employee and $500 per part-time employee. Eligible businesses must employ 50 or fewer employees and must earn “Gold” level recognition by New Mexico Family Friendly, a statewide non-profit organization that promotes family-friendly business policies in New Mexico.
“Businesses that are voluntarily offering these benefits to their employees ought to be recognized,” said Rep. Dow. “We can’t continue to impose mandate after mandate on New Mexico small businesses that are already struggling under the weight of burdensome regulations. Creating a tax credit to offset some of the costs of these benefits encourages other businesses to voluntarily adopt these policies and practices. This tax credit helps employers and working families alike. Everybody wins.”
HB 212 has also been referred to the House Taxation and Revenue Committee.