ChiefExecutive.net

Key Contacts

Economic Development Department

Matthew B. Geisel, Cabinet Secretary
505-827-0305
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505-4147
Matthew.Geisel@state.nm.us
https://gonm.biz/

Key Incentives

Local Economic Development Act (LEDA): A flexible closing fund that enables the state to offset business expenses in expansions or relocations.

Job Training Incentive Program (JTIP): Offers flexible cash reimbursements of 50%–75% of employee wages to a business to fund on-the-job training for newly created jobs or expansions.

High Wage Jobs Tax Credit: Offers a tax credit equal to 10% of the wages and benefits paid for each new high-wage job created.

Single Sales Factor for Headquarters and Manufacturers: Offers a single sales factor apportionment methodology for corporations whose principal business activity is manufacturing or that have their headquarters located in the state.

Investment Tax Credit for Manufacturers: Offers a credit against gross receipts, compensating or withholding taxes equal to 5.12% of the value of equipment for companies that meet investment and job requirements.

EDCs

New Mexico Economic Development Department: gonm.biz

New Mexico IDEA: nmidea.com

Santa Fe Office of Economic Development:santafenm.gov/economic_development

Albuquerque Economic Development:abq.org

Highlighted Program or Initiative

Job Training Incentive Program funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to six months. JTIP funding has quadrupled since 2011.

Big Deals

• Facebook announced in 2016 it would construct a $250 million state-of-the-art data center in Los Lunas, then announced a second-phase expansion in July 2017.
• Safelite announced in June 2016 it would create 900 new jobs and locate its newest contact center in Rio Rancho.
• Keter Plastic announced in January 2017 it would add 175 jobs and invest $36 million to relocate its West Coast manufacturing operations to Belen.
• SolAero Technologies announced in February 2017 that it would create 100 new high-tech manufacturing jobs and invest $10 million to relocate a newly acquired operation from California.

C-Suite Testimonials

“We are grateful for the support and business- friendly environment that New Mexico has given us….Our New Mexico-based products have helped us to grow internationally, and we look forward to further developing our partnership with the great state of New Mexico.” —Rob Holland, CEO, Flagship Food Group

“New Mexico has an ideal business climate for growing our business….We could locate elsewhere, but places like Austin, Denver or Phoenix wouldn’t provide incentives such as JTIP, LEDA or Rapid Workforce Development. These generous incentive programs help us grow our business and create more jobs in New Mexico.” —Stephen Wade, CEO, UnityBPO

“The governor has enacted bold reforms over the last six years that send a strong message to industry-leading companies like ours.” —Tom Feeney, President and CEO, Safelite