Report reveals businesses abuse tax credit

Posted at: 01/27/2013 4:25 PM
Updated at: 01/27/2013 5:38 PM
By: KOB.com Staff

New Mexico's tax credit for businesses that create high-wage jobs is at the center of a new report about tax policy gone wrong.

The report released by the Pew Center states the incentive cost the state $48 million last year, while in 2011, it only cost a little over 9-million.

The report states the extra cost to the state would have been a good sign if more jobs were created, but instead, the report states businesses realized they could claim up to $12,000 for jobs they created years prior to the tax credit's implementation.