Local Economic Development Act (LEDA)
LEDA is a tool used to enter into a “public-private partnership” for economic benefits to the community. The purpose of the Act is to allow for municipalities and counties to enter Joint Powers Agreements to plan and support regional economic development projects. San Juan County has facilitated several Local Economic Development Act projects in cooperation with the New Mexico Economic Development Department. San Juan County along with the cities of Aztec and Farmington stands ready to assist any company looking to invest capital and create long-term jobs. We have a proven track record of delivering excellent outcomes and surpassing expectations for all of the companies that we work with.
NM Economic Development Department
https://edd.newmexico.gov/business-development/edd-programs-for-business/finance- development/leda/Category: Business
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A New Mexico employer that pays for or provides child-care services for employees may claim a credit against corporate income tax equal to 30 percent of the total expenses, net of any reimbursements, for child-care services incurred in the taxable year.
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New Mexico offers film tax credits that range from 25 to 30 percent for productions within the state. San Juan County offers filmmakers stunning vistas, outdoor recreation and charming communities that make for ideal backdrops. When combined with state incentives, the Four Corners region is...
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A credit equal to 50 percent of gross wages paid to qualified students employed during the taxable year may be applied to corporate income tax. The credit shall not exceed $12,000. 7-2A-17.1 NMSA 1978
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New Mexico has one of the most generous training incentive programs in the country. The Job Training Incentive Program (JTIP) funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to 6 months. The program reimburses 50-75% of employee wages...
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Multiple Opportunity Zones are contained within the Four Corners region. They include downtown Farmington, known for its shopping, arts and culture. Industrial, commercial, residential and agricultural land across from U.S. Highway 550 in Bloomfield is also a designated Opportunity Zone. Businesses looking for agriculture and...
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This credit can be applied to taxes due on (state) gross receipts, corporate income, or personal income tax. Eligible companies are those who manufacture or produce products in New Mexico, who export services out of state or are in a green industry.
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Industrial Revenue Bonds (IRBs) provide financing of land, buildings, furniture, fixtures, and equipment. This can provide for a certain degree of tax exemption/abatement on purchases of the assets.
San Juan County has approved IRBs in amounts ranging from $15,000,000 to $70,000,000 for the energy...
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