Tax Advantages in San Juan County Let Your Business Keep More of its Hard-Earned Profit
San Juan County has a favorable business environment, starting with the tax advantages that come with being in New Mexico. Per the Tax Foundation, New Mexico has several general tax advantages, such as:
- Some of the lowest property tax rates in the nation
- Top-ten lowest corporate income tax rate, currently with top rate of 5.9% due to the Single Sales Factor, which allows regional headquarters and manufacturers the option for calculating their corporate income tax to dramatically reduce their state corporate income tax liability.
- Top-ten unemployment insurance taxes, with a relatively simple experience formulas and comparatively fewer surtaxes.
Per the NM Economic Development Department, other notable tax advantages found in New Mexico include:
- A $50 annual Franchise Tax.
- No Inventory Tax.
In addition, there are many programs at the county, state and tribal levels designed to help area business development, employee training and workforce development through tax abatement assistance. The staff at Four Corners Economic Development (4CED) is knowledgeable about all the incentives available to local businesses and is prepared to assist business owners with helping identify resources and advisors to create the optimal structure for a business’ unique situation.
