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New Mexico enacts legislation allowing single sales factor election for corporate headquarters, amending credits and deductions

New Mexico Gov. Susana Martinez on June 15 approved a tax package that was passed during a brief special legislative session. The legislation includes a new single sales factor apportionment election for corporations that have a headquarters in the state, and combines existing tax credits into a new technology jobs and R&D credit. Also, the legislation extends the filing and payment deadline for corporate income tax and franchise tax returns if electronic media is used. The legislation also revives a gross receipts tax deduction for trade-support companies and adds a new deduction for certain contractors with the U.S. Department of Defense. Further, the legislation increases the angel investment tax credit that may be taken against personal income tax and enacts a new personal income tax deduction for unreimbursed or uncompensated medical care expenses.

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