Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 9E - Laboratory Partnership with Small Business Tax Credit, 7-9E-1 through 7-9E-11. > Section 7-9E-6 - Administration by the national laboratory.

Section 7-9E-6 - Administration by the national laboratory.

7-9E-6. Administration by the national laboratory.

To qualify for tax credits pursuant to the Laboratory Partnership with Small Business Tax Credit Act, a national laboratory shall:   

A.     establish a small business assistance program;   

B.     establish a revolving fund with initial funding from a source other than tax credits. Money from the revolving fund shall be used to pay for qualified expenditures, and the fund shall be replenished with an amount equal to the tax credits taken pursuant to the Laboratory Partnership with Small Business Tax Credit Act;   

C.     consult with the secretary of economic development to seek advice on improvements in the operation of the small business assistance program; and   

D.     establish a methodology to utilize contractors who have demonstrated the capability to provide small business assistance.