NEW MEXICO VALUES OUR BUSINESSES
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 JOB TRAINING INCENTIVE PROGRAM (JTIP)
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.
INDUSTRIAL REVENUE BOND (IRB)
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.
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.