That’s why we stand ready to partner with you in very real and tangible ways to help you succeed. We have created the right kinds of incentives to help you train your workforce, build or upgrade your facility, and ensure that your taxes are fair and equitable.

The State of New Mexico and its communities offer employers aggressive incentives to encourage job creation and investment. Our financial incentives are designed to be an ongoing benefit that rewards companies for future expansions. By designing our incentives this way, it allows both new and existing companies to utilize these programs.



The flagship New Mexico Job Training Incentive Program (JTIP) offers economic base companies a cash reimbursement for on-the-job training. The refundable High Wage Jobs Tax Credit supports job creators that pay $40,000 or more in rural areas and $65,000 in urban areas with a tax credit equal to 10% of the employee’s combined compensation and benefits.


New Mexico’s property taxes are among the lowest in the nation for both real and personal property. Property taxes can be further abated through the use of an Industrial Revenue Bond (IRB). Communities across New Mexico have the ability to issue IRBs to support economic development projects. The State also provides an array of tax credits/incentives to offset gross receipts and compensating taxes such as those on manufacturing equipment as well as other industry specific credits.


New Mexico offers incentive enhancements to employers located in rural communities including the Rural Jobs Tax Credit, which provides a credit for each job created in a rural area.


Local Economic Development Act (LEDA)

Discretionary state incentive that can be used toward land, building or infrastructure.

Job Training Incentive Program (JTIP)

JTIP funds on-the-job and classroom training for expanding or relocating businesses for up to 6 months. JTIP provides cash reimbursement of 50-75% of wages.

Industrial Revenue Bond (IRB)

IRBs allow for significant real and personal property tax and compensating tax abatements. Terms vary by community/project.

New Markets Tax Credit (NMTC)

NM has $67 million available in the NMTC program.  NMTCs provide favorable terms for financing real estate, working capital, equipment, and inventory.

High Wage Jobs Tax Credit (HWJTC)

Refundable credit tax credits equal to 10% of salary for employees earning $40K+ (rural areas) or $60K+ (in urban communities. Credit may be taken for four years.

Technology Jobs and R&D Tax Credit

Businesses under 50 employees, with qualified expenditures under $5 million, may claim a tax credit of 5% of qualified R&D expenditures.

Alternative Energy Product Manufacturers Tax Credit

5% tax credit against gross receipts/compensating taxes for equipment purchases.

Rural Jobs Tax Credit

This credit can be applied to taxes due on (state) gross receipts, corporate income, or personal income tax.

Manufacturer’s Investment Tax Credit

A tax credit of 5.125% of the value of qualified equipment may be applied against compensating or gross receipts tax.

Ready to find out more?

Visit the State of New Mexico Economic Development online incentive database or call the New Mexico Partnership at (888) 715-5923.