New Mexico Small Business Assistance ProgramThe NMSBA allows New Mexico small businesses facing a technical challenge to access the unique expertise and capabilities of Los Alamos and Sandia National Laboratories, at no cost to the business.
New Mexico Manufacturing Extension PartnershipNew Mexico MEP provides expertise in results-driven methodologies, best practices, and innovative technologies designed to increase manufacturing companies' profitability.
In 2017, a manufacturer may deduct 100 percent of the the gross receipts tax paid on consumables used in the manufacturing process. "Consumable" means tangible personal property that is incorporated into, destroyed, depleted, or transformed in the process of manufacturing a product and includes electricity, fuel, water, supplies, chemicals, gases, repair, and spare parts, but does not include tools or equipment used to create the product.
Single Sales Factor Tax Apportionment for ManufacturersEffective in taxable year starting January 1, 2014 businesses engaged in manufacturing may choose to take part in the phased-in single sales factor apportionment for calculation of their corporate income tax liability.
Job Training Incentive Program (JTIP)The state's highly flexible JTIP program offers a cash reimbursement to a business for on-the-job training for qualified employees of qualified employers. Customized training may be provided by post-secondary educational institutions, company trainers, or outside trainers.
Manufacturing Investment Tax CreditNew Mexico tax law provides for a credit equal to 5.125 percent of the value of qualified equipment and other property used directly and exclusively in a manufacturing operation. The credit can be applied against compensating, gross receipts tax or withholding tax due.
IRB’s allow for significant real and personal property tax and compensating (use) tax exemptions. Terms vary by community.