Governor Susana Martinez is reminding New Mexico businesses and
veterans that tax reform legislation that will help create jobs for military veterans goes into effect today, May 16. House Bill 10, sponsored by Rep. Terry McMillan (R-Las Cruces), was passed earlier this year with unanimous support in both chambers of the legislature. The legislation will provide a tax credit of up to $1,000 to businesses each time they hire a veteran who has recently been discharged from the military.
"The men and women of our military make tremendous sacrifices to protect our safety and freedom," said Governor Martinez. "It is unacceptable that those heroes might find themselves unemployed after their term of duty concludes. This tax credit will help to ensure that our veterans do not end up in the unemployment line and I hope that all New Mexico businesses strongly consider taking advantage of this important legislation. It is my hope that we are sending a loud and clear message to our armed service members that we are grateful for what they do and we are proud to welcome them back home."
"This tax credit makes it easier for our returning heroes to get to work after they have fulfilled their commitment to the armed forces," added Department of Veterans Services Secretary Tim Hale. "Our military members risk their lives and put all other commitments on hold to serve their country. This is an important gesture that shows our gratitude for their hard work and sacrifice, and recognizes the valuable skills they bring to the workplace."
The purpose of the veteran employment tax credit is to encourage the full-time
employment of qualified military veterans within two years of discharge from the armed services. The credit is available for any entity with a New Mexico income tax liability.