- Median income for full-time working women in the U.S. is 79 percent of median income for men. –U.S. Census Bureau
SANTA FE – Today, Rep. Nate Gentry introduced the Gender Pay Equity Act, legislation to provide a tax credit to business owners who can demonstrate 100 percent gender pay equity.
The bill, HB 282, was co-signed by Speaker Don Tripp as well as Representatives Alonzo Baldonado, Sharon Chahchischillage, Kelly Fajardo, Sarah Maestas Barnes, Terry McMillan, Andy Nuñez, Paul Pacheco, and John Zimmerman. It is also supported by Sen. Mimi Stewart.
“Equal work should result in equal pay,” Gentry said. “This credit is a pat on the back for employers who ensure that the women and men working for them are being paid fairly.”
“It’s past time to ensure equal pay for equal work,” Stewart said. “This incentive rewards businesses that promote and provide pay equity for all their employees.”
“I am happy to support this incentive that will encourage businesses to treat their employees fairly and equally,” Tripp said.
According to the U.S. Census Bureau, the median income for full-time working women in the United States is 79 percent of the median income for men. The Gender Pay Equity Act would authorize a $5,000 tax credit for businesses and employers who provide 100 percent gender pay equity to their employees.
To qualify for the tax credit, the New Mexico Human Rights Commission would need to certify that the employer provided 100 percent pay equity during the previous year. The Commission would evaluate the business’s job classifications, total number of hours worked by each employee and the total compensation for each employee during the prior calendar year before issuing the certification.
Taxpayers may claim the tax credit within one year of being certified. In addition, the bill directs the NM Tax and Revenue Department to provide and annual report to the Legislature to disclose the number of taxpayers approved to receive the credit and to evaluate the effectiveness of the credit.