State Incentives

New Mexico offers a variety of state incentives that are designed to promote economic growth. Existing, new, and relocating businesses can benefit from utilizing these programs to fund things like workforce training or to receive assistance expanding manufacturing capabilities.

To view some of the programs available through New Mexico Economic Development, click here. Below are some of the programs that we have found to be very beneficial to Carlsbad businesses.

Receipts from selling or leasing tangible personal property or services that are eligible generation plant costs to a person that holds an interest in a qualified generating facility are deductible from
An operator of a refinery in New Mexico, any person who blends special fuel in New Mexico, or the owner of special fuel stored at a pipeline terminal in New
The value of equipment such as a boiler, turbine-generator, storage facility, feedstock processor, interconnection transformer, or biomass material used for bio-power, bio-fuels, or bio-based products may be deducted in computing
The corporate income tax act is amended to reduce the top corporate tax rate from its present law 7.6% to 5.9% over five years. The reduction begins in 2014, with
The HWJTC is a refundable tax credit designed to incentivize quality job creation, with differing thresholds for jobs in urban versus rural communities. This credit applies to the state portion
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
Administered by NM Taxation & Revenue DepartmentManufacturers may take a credit against gross receipts, compensating or withholding taxes equal to 5.125% of the value of qualified equipment when the following employment
Every business owner is looking for ways to expand revenue, increase new business opportunities, and optimize efficiency. The New Mexico Economic Development Department, in partnership with the New Mexico Manufacturing
The New Mexico Economic Development Department (EDD) is granted authority to administer Local Economic Development Act capital outlay (LEDA CO) funds to local governments (county, municipality, or tribal entity) to
New Mexico MEP aspires to be the premier solution provider to strengthen and grow New Mexico’s manufacturing. As a statewide assistance center, New Mexico MEP is dedicated to increasing the
A corporate or personal taxpayer who owns a qualified energy generator is eligible for a tax credit in an amount equal to 1 cent per kilowatt hour of electricity produced by the
Administered by NM Taxation & Revenue DepartmentThis credit can be applied to taxes due on (state) gross receipts, corporate income, or personal income tax. Rural New Mexico is defined as any
For the purposes of apportioning income, “manufacturing” excludes construction, farming, power generation, and processing natural resources including hydrocarbons.In addition, in taxable years that begin on or after January 1, 2015,
The purpose of the credit is to provide a favorable tax climate for technology-based businesses engaging in research, development and experimentation and to promote increased employment and higher wages in