NEWS ITEMS
AROUND THE WEB
NEWS ITEMS
AROUND THE WEB
Richardson Out as Commerce Secretary Nominee
01/05/2009
May U.S. Factory Orders Rise Significantly
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New Mexico
Resources Page
Solar Industry’s Bright FutureThe solar industry has evolved into one of the key investment fields worldwide, and market forecasts continue to project double-digit growth for the coming years. More |
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The Attraction of Enterprise Zones: Tax Benefits and Incentives for BusinessesLocating a business in a designated enterprise zone can often provide incentives unavailable in other areas. But the incentives offered are beginning to change — and there may be tradeoffs that could devalue the financial advantages More |
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New Mexico Soars With Aerospace, Entertainment, and Technology Investment“Fiscal year 2008 has been a most successful year in economic development,” says Fred Mondragon, cabinet secretary for the New Mexico Economic Development Department. “We have recruited more jobs in the last six months than we have in the last six years.” More |
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A conversation with…Fred Mondragón, Cabinet Secretary, New Mexico Economic Development DepartmentArea Development Current Issue Archives Topics Asset Management Economics/ Government Policy Energy/Environment From The Wire Industry Reports International Labor/Education/HR Logistics/Infrastructure Site Selection/Facility Planning Taxes/Incentives Viewpoint Exclusive Content Annual Reports Corporate & Consultants Surveys Directory Special Publications State Resources Studies/Research/ Papers Related Sites Location USA Fast Facility Corporate Location Directory Location Canada Consultants Site Guide Services Area Development Events Newsletter | RSS RSS Subscribe to Area Development Magazine Advertise/Media Kit About Us Contact Area Development Homepage >> State Resources >> New Mexico >> A conversation with…Fred Mondragón, Cabinet Secretary, New Mexico Economic Development Department “We are beginning to develop a core business in alternative energy generation, such as solar and wind farms, biodiesel facilities, and ethanol. Developments are being seen statewide, with biofuels and ethanol in the eastern plains, wind farms in the northeast and central [regions].” More |
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New Mexico
At A Glance
POPULATION:
1,900,000 (2004 Census)
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
LABOR FORCE: 900,000
Right to work: NoTRADITIONAL 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, renewable energy, aviation/aerospaceCOLLEGE 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 7.6 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 expansionsPersonal Income Tax: New Mexico uses a four-bracket, graduated-rate table ranging from 1.7 percent to 5.3 percent of taxable income
There is no state inventory tax.BUSINESS INCENTIVES:
High-Wage Job Tax Credit
Job Training Incentive Program
State Industrial Revenue Bond Program
Aerospace R&D 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
Call Center Capital Equipment
Tax Credit
Tax increment financing
Corporate Childcare Income
Tax Credit
Venture capital investments
Manufacturer's Investment Tax Credit
Technology Jobs Tax Credit
Research and Development Gross Receipts Tax Credit
SPONSOR PROFILES:
