Martinez outlined the measures on Friday. The tax changes will need approval of the Legislature to take effect.
One proposal expands a tax credit provided to "angel investors" who help finance new companies. The governor wants to provide up to $2 million a year in credits, up from a current $750,000 cap, and increase the individual investments that qualify for a tax break.
Martinez also proposes to revamp existing credits for small technology companies, potentially costing the state $2 million a year. One change would allow firms to collect a refund for some spending on research and development if their tax credits exceed their tax liability.