Las Vegas ▫ San Miguel ▫ Economic Development Corporation

Incentives to get your business off the ground

- 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

Startups & New Business

  • City/county owned properties
    City/County Industrial Parks
    Property tax abatement
    Infrastructure improvement
    Customized incentives
    Local Incentives
    Industrial Revenue Bonds

    Additional Incentives

    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:

    • The purchase, lease, grant, construction, reconstruction, improvement or other acquisition or conveyance of land, buildings or other infrastructure.
    • Public works improvements essential to the location or expansion of a qualifying entity.
    • Payments for professional services contracts necessary for local or regional governments to implement a plan or project.
    • The provision of direct loans or grants for land, buildings or infrastructure.
    • Technical assistance to cultural facilities.
    • Loan guarantees securing the cost of land, buildings or infrastructure in an amount not to exceed the revenue that may be derived from the municipal infrastructure gross receipts tax or the county infrastructure gross receipts tax.
    • Grants for public works infrastructure improvements essential to the location or expansion of a qualifying entity.
    • Grants or subsidies to cultural facilities; purchase of land for a publicly held industrial park or a publicly owned cultural facility.
    • The construction of a building for use by a qualifying entity.
    • City of Las Vegas LEDA application
    • San Miguel County LEDA application
  • NEW MEXICO RURAL HEALTH CARE PRACTITIONER TAX CREDIT PROGRAM

    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.us

    LICENSURE 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: nmbme@state.nm.us.

    For more detailed information on the various New Mexico State incentives, visit: http://www.nmpartnership.com/

  • New Mexico offers business-related tax credits to corporations and individuals who meet the requirements set out in the statutes for each credit.

    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:

    • Personal income tax credits.
    • Conservation and preservation tax credits.
    • General industry incentive tax credits.
    • Specific industry incentive tax credits.
    • Employment enhancement tax credits.
    • Gross receipts tax credits.

    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.

    Please see http://www.tax.newmexico.gov/Tax-Professionals/tax-credits-overview for the specifics of your profession.

  • 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.

    Who Qualifies

    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.

    Company Eligibility

    Three categories of business are eligible for consideration:

    • Companies that manufacture or produce a product in New Mexico
    • Non-retail service companies that export a substantial percentage of services out of state. (50 percent or more of revenues and/or customer base). Customer support centers and product testing laboratories are two examples of businesses that have qualified in this category
    • Certain green industries

    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.

    Job Eligibility

    Jobs eligible for funding through JTIP must be:

    • Full time (minimum of 32 hours per week)
    • Year-round
    • Directly related to the creation of the product or delivery of the service. (One in5 positions applied for may be outside product/service creation). Typical examples include marketing, sales and general administration
    • Manufacturing examples: production worker, electronic equipment assembler, first line supervisor, industrial engineering technician, R&D scientists and engineers
    • Service examples: customer service representative, environmental engineering technician, executive recruiter
    • Trainees must be guaranteed full-time employment upon successful completion of the training program
    • Intern positionsare eligible

    Trainee Eligibility

    To be eligible for funding under JTIP, trainees must:

    • Be new hires to the company
    • Have been residents of the state of New Mexico for at least one year at any time prior to employment
    • Not have left high school in the three months prior to employment, unless they have graduated or completed a GED

    Reimbursable Training Costs

    JTIP funds three types of training:

    • Custom classroom training at a public educational institution
    • Structured on-the-job training (OJT)
    • A combination of classroom training and OJT

    The following are eligible for reimbursement

    • A portion of trainee wages (50-75 percent) for up to six months
      • Jobs with entry wages that align with the High Wage Job Tax Credit are eligible for an additional 5% reimbursement
      • Companies that utilize the WorkKeys® assessment tools as part of their hiring process are eligible for an additional 5% reimbursement
    • Cost of custom classroom training at public educational institution
    • A portion of travel expenses related to training
    Expenses are reimbursed after training is completed.