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A number of attractive incentive programs are offered for new job creation in the State of New Mexico. These programs offer business funding resources as well as generous tax breaks. The City of Las Cruces and Dona Ana County often augment the state programs based on job creation and needs of the company. The City of Las Cruces recently passed the Local Economic Development Act to encourage economic growth of the city. Projects creating jobs within the City of Las Cruces in the preferred industry clusters of aerospace, maquila suppliers, high technology, advanced business and financial services, and value-added food processing and which create above-average wage and salary jobs may qualify for local financial support. The public contribution can include public resources such as infrastructure, services and financial incentives. The project financing leverage must be at a minimum level of three private dollars to one public dollar.
New Mexico has one of the most aggressive training incentive packages 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 to 70 percent of employee wages and required travel expenses. Custom training at a New Mexico public educational institution may also be covered.
The state provides a number of business assistance programs, industry-specific incentive packages and tax-abatement programs. Some of these programs apply to:
- Manufacturers
- Renewable Energy Generation
- Software Development
- Aircraft Manufacturing
- Aerospace Research & Development
- Film Production
For a listing of the most commonly used incentive packages, see the “Open for Business” tab. More detailed information about the various programs can be accessed from the “Business Resources” tab.
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