POPULATION: 2,059,179 (2010 Census)
LABOR FORCE: 929,785
RIGHT TO WORK: No
TARGET INDUSTRIES:Aerospace and defense;
advanced manufacturing;
value-added agriculture; logistics,
distribution, and transportation;
emerging technology;
back office and technical
support; energy and natural
resources; digital media
COLLEGE GRADUATES: (Age 25 and over) 28.5%
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 7.6 percent of
income over $1 million
Sales Tax (Gross Receipts Tax): The gross receipts tax rate
varies throughout the state
from 5.125 percent to 8.6875
percent depending on the
location of the business.
Services that are exported from
the state are not subject to
New Mexico gross receipts tax.
These services must be produced
by a business with a
New Mexico office, sold to an
out-of-state buyer, and delivered
and initially used out-ofstate.
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.
Personal Income Tax: New
Mexico uses a four-bracket,
graduated-rate table ranging
from 1.7 percent to 4.9 percent
of taxable income.
There is no state inventory tax
BUSINESS INCENTIVES:
High-Wage Job Tax Credit
Job Training Incentive Program
Manufacturer's Investment
Tax Credit
Rural Jobs Tax Credit
Technology Jobs Tax Credit
Double Weight Sales Factor
Industrial Revenue Bonds
Alternative Energy Tax Credit
Additional industry-specific
incentives for aerospace,
agribusiness, clean and
renewable energy, technology
and manufacturing, and
telemarketing
