Last summer in a special legislative session, the State of New Mexico extended the Angel Tax Credit a full ten years; it won’t expire until 2025. This is good for New Mexico startups like EcoPesticides International, which is developing technology for the global biologic pesticide market.
That’s not all lawmakers did. Recognizing the benefits of angels investing in New Mexico startup companies, they increased the total yearly amount of credit available to all investors from $750,000 per year to $2 million per year. This increases the total amount an individual investor can claim each year from $25,000 per year to $62,500 per year. Additionally, the number of credits an individual investor can claim jumped from two per year to five per year. Credits can now be carried forward for five years instead of three years.
Governor Susana Martinez recognized that this was a great piece of legislation for angel investors and startup companies in New Mexico and promptly signed it. The New Mexico Angels, whose New Mexico Startup Factory founded EcoPesticides, played a critical role in making this legislation happen.
If you are an angel investor in New Mexico, the state’s newly extended and expanded Angel Tax Credit is a great opportunity to enhance your investments in promising New Mexico companies.
Here’s where you to go get the forms.