Economic Incentives & Tax Credits
High impact incentives for small businesses in New Mexico
New Mexico contains more intersections of history and cultural diversity than nearly any place on earth, including 22 Native American tribes, nations, and pueblos, and a Spanish presence since the 1500s. These intersections result in a strong culture that shows up in every aspect of the state from food and fiestas to architecture and art. As one of only six majority-minority states (a U.S. state or jurisdiction whose population is composed of less than 50% non-Hispanic whites) and one of the highest percentages of women-owned businesses in the nation, New Mexico prides itself on an inclusive environment where creativity, innovation, and disruption are welcomed. The Governor has designated nine target industries for growth: Aerospace, Film and Television, Intelligent Manufacturing, Outdoor Recreation, Sustainable & Green Energy, Biosciences, Cybersecurity, Agriculture, and Global Trade.
Top tax incentive programs for small and medium-sized businesses in New Mexico
New Mexico High Wage Jobs Tax Credit
A taxpayer who is an eligible employer may apply for and receive a tax credit for each new high-wage economic-base job.
New Mexico Investment Tax Credit
The New Mexico Investment Tax Credit provides a tax credit to eligible businesses that make qualified investments in certain industries or activities.
Rural Job Tax Credit
Eligible employers may apply for this tax credit which can be applied to taxes due on (state) gross receipts, corporate income, or personal income tax for the creation of jobs in rural New Mexico.
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 50-85% of employee wages.
Advanced Energy Deduction
Receipts from selling or leasing tangible personal property or services that are eligible generation plant costs to a person that holds an interest in a qualified generating facility are deductible from gross receipts and compensating tax.
Alternative Energy Product Manufacturers Tax Credit
Manufacturers of certain alternative energy products may receive a tax credit not to exceed 5% of qualified expenditures for purchase of manufacturing equipment used in the manufacturing operation.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.