New Mexico provides a cost effective, pro-business environment, and our incentive toolkit plays an important part. The State of New Mexico and its communities offer employers aggressive incentives to encourage job creation and investment. New Mexico’s business 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.
Local Economic Development Act (LEDA): Discretionary state incentive that can be used toward the reimbursement of land, building or infrastructure costs. Funding awards are determined on a project-by-project basis.
Job Training Incentive Program (JTIP): Reimburses 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.
High Wage Jobs Tax Credit (HWJTC): Refundable tax credits equal to 8.5% of salary for employees earning $40K+ (rural areas) or $60K+ (in urban communities). Credit may be taken for four years.
Industrial Revenue Bond (IRB): Allow for significant real and personal property tax and compensating tax abatements. Terms vary by community/project.
Rural Jobs Tax 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 applied against compensating or gross receipts tax.
Technology Jobs and R&D Tax Credit: A tax credit of 5% of qualified R&D expenditures for businesses under 50 employees with qualified expenditures under $5 million.
If you’re looking to expand or relocate your company to New Mexico, the New Mexico Partnership can help you evaluate which specific incentives you can take advantage of for your business. Contact the New Mexico Partnership at info@nmpartnership or (888) 715-5923 to learn about the New Mexico business incentives that are available to help you succeed.
