Rural Jobs Tax Credit

This credit can be applied to taxes due on state gross receipts, corporate income or personal income tax. Rural New Mexico is defined as any part of the state other than Los Alamos County; certain municipalities: Albuquerque, Rio Rancho, Farmington, Las Cruces, Roswell, and Santa Fe; and a 10-mile zone around those select municipalities.

Contacts

NM Economic Development Department

https://gonm.biz/why-new-mexico/competitive-business-climate/incentives/rural-jobs-tax-credit

Category: Taxes

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A taxpayer who is an eligible employer may apply for and receive a tax credit for each new high-wage economic-base job. The credit amount equals 8 1/2% of the wages and benefits paid for each new economic-base job created, up to $12,750 per job. Learn More
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.... Learn More
New Mexico’s Local Economic Development Act (LEDA) administers grants to local governments (municipality and/or county) to assist expanding or relocating businesses that are Qualified Entities that will stimulate economic development and produce public benefits pursuant to LEDA.  All grants are funded on a strictly reimbursement... Learn More
San Juan County has five tax-advantaged opportunity zones.  Each zone has its own set of targeted economic development focus areas.   Designation as an Opportunity Zone allows for the creation of a new class of investment vehicle with tax advantages authorized to aggregate and deploy... Learn More
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... Learn More
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