NEW MEXICO INCENTIVES SUMMARY

Local Economic Development Act (LEDA)
A discretionary state incentive that may be used as a grant to support a company's capital investment in land, building, or infrastructure. Grant amounts are determined on a project-by-project basis.

High Wage Jobs Tax Credit (HWJTC)
The HWJTC provides a tax credit for creating new high-wage jobs paying over $40,000 in rural areas and $60,000 in metro areas. Only jobs filled by New Mexico residents are eligible. The tax credit equals 8.5 percent of the wages and benefits paid for each new job created, and may be taken for four years. A company may receive a cash refund for tax credits that exceed tax liability.

Manufacturers' Investment Tax Credit
A tax credit is available to manufacturers equal to 5.125 percent of the value of qualified equipment. Companies must create one new job for every $500,000 of equipment purchased up to $30 million, and one new job created for each $1 million purchased above $30,000.

Technology Jobs and R&D Credit
A tax credit of 5.125% of the value of qualified equipment is applied against compensating or gross receipts tax.

Job Training Incentive Program (JTIP)
JTIP funds classroom and on-the-job training for newly created full-time jobs for up to six months. The program reimburses 50 to 90 percent of employee wages while in training.