Programs for Small Business Success

Find Programs to Help Your Small Business Succeed in New Mexico

Before you zero in on a location, it’s comforting to know you’ll be welcomed. The state of New Mexico offers aggressive incentives to make you feel right at home – and to offset the costs of running your business so you can enjoy increased profits and expand even more. New Mexico’s business incentives are unparalleled in the Southwest region. A wide variety of tax credits (both industry-specific and general), credits, and certification programs comprise one of the most comprehensive business incentive programs in the Southwest. With great opportunities and incentives for businesses in New Mexico, affordable commercial property in prime locations and the chance to join the ranks of esteemed business owners from all over the world, Otero County is the ideal place to start, expand or relocate your business. The Land of Enchantment welcomes you and your business to our growing community.

New Mexico Business Incentives: Tax Credits

  • Alternative Energy Product Manufacturer’s Tax Credit: Allows a 5 percent tax credit on the value of equipment and property by manufacturers of alternative energy products.
  • Angel Investment Tax Credit: Allows an accredited investor to claim a credit for 25 percent of an investment in a high-tech or manufacturing business.
  • Renewable Energy Production Tax Credit: Allows business owners to claim an average of 2.7 cents per kilowatt-hour of electricity produced by renewable energy generators.
  • Rural Jobs Tax Credit: Allows employers to claim a 6.25 percent credit on the first $16,000 in wages paid for a qualifying job in a rural area.
  • Sustainable Building Tax Credit: Allows business owners a credit of between $0.30/square foot to $9.00/square foot for building or renovating a sustainable structure.
  • Technology Jobs Tax Credit: Allows taxpayers conducting research at a qualified facility and making qualified expenditures an 8 percent credit when business takes place in a rural area.

New Mexico Business Incentives: Miscellaneous

  • Job Training Incentive Program:

    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 or relocating businesses for up to 6 months. The program reimburses 50-75% of employee wages. Custom training at a New Mexico public educational institution may also be reimbursed.

    The New Mexico State Legislature created JTIP, formerly known as the Industrial Development Training Program, or “in-plant training,” in 1972. Since then, JTIP has supported the creation of more than 1,600 training projects and the creation of nearly 47,000 jobs.

  • ISO 9000 Certification:

    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 Extension Partnership (NM MEP), provides the tools and knowledge for ISO 9001:15 registration through the NM 9000 Certification Training program.

    Success in the export market is critical for small and mid-size companies since it is estimated that 96 percent of consumers are located outside the U.S. By recent estimates companies that export pay higher salaries on average and have reported a 32 percent increase in revenue as opposed to a 19 percent decrease among those companies who only pursue the domestic market.

Several more New Mexico business incentives are available – read the Competitive Business Climate: New Mexico Business Incentives by Category to discover more ways it pays to own a business in New Mexico.  Find Programs to Help Your Small Business Succeed in New Mexico Before you zero in on a location, it’s comforting to know you’ll be welcomed. The state of New Mexico offers aggressive incentives to make you feel right at home – and to offset the costs of running your business so you can enjoy increased profits and expand even more. New Mexico’s business incentives are unparalleled in the Southwest region. A wide variety of tax credits (both industry-specific and general), credits, and certification programs comprise one of the most comprehensive business incentive programs in the Southwest. With great opportunities and incentives for businesses in New Mexico, affordable commercial property in prime locations and the chance to join the ranks of esteemed business owners from all over the world, Otero County is the ideal place to start, expand or relocate your business. The Land of Enchantment welcomes you and your business to our growing community.