POPULATION: 1,900,000 (2004 Census)

LABOR FORCE: 900,000

RIGHT TO WORK: No

TRADITIONAL INDUSTRIES: R&D, biotechnology, electronics manufacturing, agriculture, extractive industries

EXPANDING INDUSTRIES: Aerospace manufacturing, advanced business services, optics, electronics-component manufacturing, food processing, telecommunications, maquiladora suppliers

COLLEGE GRADUATES: (Age 25 and over) 29.3%

BASIC BUSINESS TAXES:
Corporate Income Tax: 4.8 percent on the first $500,000 of net income; $24,000 plus 6.4 percent of income over $500,000 for income between $500,000 and $1 million; $56,000 plus 7.5 percent of income over $1 million

Sales Tax (Gross Receipts Tax): 5 percent on property sold or leased and on services, including services performed out of state but initially used in state; additional tax may be imposed by local cities and counties

Property Tax: Real and tangible property is assessed at 33.3 percent of value, but many counties and municipalities offer abatements for new business locations and expansions.

New Mexico has put in motion a five-year plan to cut the top rate of personal income tax by 40 percent (taking it down to 4.9 percent) along with a 50 percent cut in capital gains taxes over five years.

BUSINESS INCENTIVES:
 High-Wage Job Tax Credit
Job Training Incentive Program
State Industrial Revenue Bond Program
Aerospace Research and Development Deduction
Rural Jobs Tax Credit
Goods-In-Transit Tax Exemption
Local Economic Development Act
Film Investment Program
Film Tax Credit
Agriculture-Related Tax Deductions/Exemptions
Business Inventory Tax Exemption
Call Center Capital Equipment Tax Credit
Cultural Property Preservation Tax Credit
Enterprise Zones
Tax Increment Financing
Community Development Revolving Loan Fund Program
Severance Tax Permanent Fund/Purchases of SBA/FmHA Obligations
New Mexico Business Bonds
Real-Property–Related Business Loans
Corporate Childcare Income Tax Credit
Venture Capital Investments
Investment Tax Credit
Technology Jobs Tax Credit
Research and Development Gross Receipts Tax Credit
Welfare-to-Work Opportunity Tax Credit
Development Incentive Act Exemption (of up to 50 percent personal property tax)