Incentives

• In Plant Training

60% of trainees wages up to 1,040 hours.
100% of training by post-secondary educational Institutions, company trainers or outside trainers.

• Industrial Revenue Bonds

Exemption of Ad Valorem property taxes for term of bond up to 30 years. Exemption of Gross Receipts tax and compensating tax of 5.8% on purchase of tangible personal property and equipment. Tax free bonds have lower interest rate than Taxable bonds.

• Technology Jobs Tax Credit

A credit equal to 4% of allocable expenditures for payroll, land, rent, buildings, equipment, computer software and upgrades. Credit may be taken against gross receipts tax, compensating tax or state payroll tax. This credit is doubled for investment in the City of Artesia.

• Rural Jobs Tax Credit

Annual tax credit equal to 6¼% of first $16,000 of wages paid to fulltime employee. Credit can be taken for 4 years against the state portion of gross receipts tax, compensating tax or corporate income tax.

• Rural Call Center Capital Equipment Tax Credit

Provides a credit equal to amount of Gross Receipts or compensating tax applied to the value of capital equipment purchased by taxpayer for eligible rural call center.

• Rural Software Tax Credit

Sales of custom software design and development and website design and development are not subject to gross receipts tax.

• City of Artesia

Additional dollars available for land, buildings, expansion, facility improvement, design, equipment, utilities and others with approval from the Artesia City Council. Economic development project applications must be completed and recommended by the Greater Artesia Economic Development Corporation.

• Manufacturing Investment Tax Credit

Credit equal to 5% of the value of qualified equipment and other property used directly and exclusively in a manufacturing operation. Credit applied against compensating or gross receipts tax or withholding tax due. Credit limited to 85% of the sum of the taxpayers gross receipts tax and withholding tax due for the reporting period. Any remaining credit maybe claimed in subsequent operating periods.

• Child Care Income Tax Credit

Corporate income tax credit of up to 30% of eligible expenses, net of reimbursements for child care services incurred and paid by the tax payer for the dependent children of their employees.

• Interstate Wats Tax Exemption

4.25% exemption from gross receipts taxes from the provision of wide area telephone service and private communications services.

• Corporate Income Tax

Optional formula for calculating New Mexico corporate income tax liability. Benefits corporations who have significant investment in plant and payroll in New Mexico but sell most of their product outside New Mexico.