- A solid start begins with support from the EDC -
What incentives does the city of Las Vegas offer?City-owned properties Industrial Park Property tax abatement Infrastructure improvement Customized incentives Local Business Incentives
What incentives does the county of San Miguel offer?County-owned properties Industrial Park Property tax abatement Infrastructure improvement Customized incentives Industrial Revenue Bonds
City/county owned properties
City/County Industrial Parks
Property tax abatement
Industrial Revenue Bonds
Both the City of Las Vegas and San Miguel County can provide various levels of support through the New Mexico Local Economic Development Act (LEDA) program for a qualifying entity. This assistance includes:
Eligible health care practitioners who have provided health care services in a designated rural health care underserved area can apply for an income tax credit through the New Mexico Department of Health. All physicians, osteopathic physicians, dentists, clinical psychologists, podiatrists and optometrists are eligible for a tax credit of $5,000 per year if working full time and pro-rated for part-time. Dental hygienists, physician assistants, certified nurse midwives, certified registered nurse anesthetists, certified nurse practitioners and clinical nurse specialists are eligible for a tax credit of $3,000 per year if working full time and pro-rated for part-time. For downloadable application see http://nmhealth.org/. Phone (505)222-8672 if questions.NEW MEXICO HEALTH PROFESSIONAL LOAN REPAYMENT PROGRAM
Requires a two year service commitment to practice full-time in a health professional shortage area. Eligible are primary care physicians (to include an allopathic or osteopathic physician with a specialty in family or general medicine, general internal medicine, general pediatrics, and obstetrics and gynecology and other specialties as may be considered at the discretion of the department); psychiatrists, physician assistants; advanced practice nurses; dentists, podiatrists, optometrists & allied health care providers already or about to be employed. Awards are up to $35,000 annually and are renewable if the application is submitted each year. The application will open in March with a May 1st deadline. http://hed.state.nm.usLICENSURE APPLICATION FEE TO BE WAIVED BY THE NEW MEXICO MEDICAL BOARD
The New Mexico Medical Board (NMMB) is waiving the $400 licensure application fee for allopathic physicians and physician assistants ($150 fee) who choose New Mexico as their first state of licensure. The licensure application is available on the Board’s web site http://nmhealth.org/ Contact the NMMB for additional information at (505) 476-7220 or e-mail to: email@example.com.
For more detailed information on the various New Mexico State incentives, visit: http://www.nmpartnership.com/
The statutes creating the credits also designate the taxes against which the credit may be applied.Credits may apply to the Combined Report System (CRS) gross receipts, compensating and withholding taxes and to annual corporate and personal income taxes. This area of the site summarizes New Mexico’s business-related tax credits and the procedures for claiming them.
General types of tax credits are:
To review the specific tax credits listed within each tax credit type, click the links on the left-hand side of this page.Please note that some credits have limited eligibility dates.
The Taxation and Revenue Department cannot consider claims for periods prior to dates stated in the legislation or claims that are filed after the deadline has passed.
Please be aware that legislation, regulations, court decisions, revenue rulings, notices and announcements subsequent to the publication date may affect the information’s accuracy. You may apply credits only to tax liabilities designated by law. Some credits are refundable or transferrable.
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 six months.
The program reimburses 50-75 percent of employee wages. Custom training at a New Mexico public educational institution may also be covered.
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 ofmore than 43,000jobs for New Mexicans innearly 1,300businesses across the state.
Eligibility for JTIP funds depends on the company’s business, the role of the newly-created jobs in that business, and the trainees themselves. Please read through the eligibility guidelines (see Policy and Procedures below)and then fill out theEligibility Questionnaire to begin the JTIP application process. A member of JTIP staff will contact you to determine your company’s eligibility and discuss the program in detail.
Three categories of business are eligible for consideration:
The company must be financially sound and must be creating new jobs as a result of expansion or relocation to the state of New Mexico.
Businesses in certain industries are not eligible. Some examples are agriculture, construction, extractive industries, gambling, health care and retail.
Jobs eligible for funding through JTIP must be:
To be eligible for funding under JTIP, trainees must:
Reimbursable Training Costs
JTIP funds three types of training:
The following are eligible for reimbursement