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Job Training Incentive Program
New Mexico offers one of the most flexible, aggressive, and competitive job-training
incentive packages in the country. This is among our state’s most widely
used programs. In September 2004 alone, JTIP paid out $1 million in
claims. JTIP provides classroom or on-the-job training, reimbursing
an expanding or relocating businesses for 50-65 percent of a trainee’s wages
for as long as six months. Leona’s Foods of Moriarty, Carlsbad software developer
Tentoe, Inc., Albuquerque insulation developer Nanopore, Santa Fe data
mining firm Commodicast, and Questa’s Spire Solar Corp are a handful of the
diverse firms who have been able to build their business with JTIP’s help.
High-Wage Jobs Tax Credit
A bold, new incentive created in 2004 by Governor Richardson and the New Mexico Legislature, this tax credit equals 10 percent of the wages and benefits for each new economic-base job created. Qualified employers can receive the credit for up to four years. Espanola software company Computer Assets and Taos’s new insurance call center CiDirect are just two companies who qualify for the credit.
Industrial Revenue Bonds
New Mexico communities can issue IRBs to exempt companies from property taxes on land, buildings, and equipment. Companies creating new business facilities can receive a property tax exemption for up to 20 years. In 2004, Albuquerque’s Intel facility and the new Monarch Litho printing plant in Santa Teresa have both been able to expand their facilities by using IRBs.
Rural Jobs Tax Credit
For every job created in a rural area, employers can receive a maximum credit of $1,000 per job for two years. Clovis’s Southwest Cheese and The Connection, a call center with locations in Carlsbad, Las Vegas, and Moriarty are two companies that chose to locate in New Mexico, in part because of the tax credit.
Manufacturers Investment Tax Credit
Manufacturers may qualify for a tax credit equal to five percent of the value of qualified equipment imported to New Mexico. Albuquerque’s Intel facility and Rea Magnet Wire of Las Cruces are examples of firms that qualify the credit.
New Mexico 9000
In September of 2004, our state’s unique, low-cost ISO 9000 certification program won first place as most innovative state program from the Council of State Governments—WEST. Under New Mexico 9000, businesses may obtain IS0 9000 certification on a sliding scale costing $1,000 to $6,000 (compared with $120,000 by conventional means). Also, NM 9000 process takes only one year.
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