Manufacturing flourishes in Lea County thanks to easy supply chain management, high demand for oilfield services, and experienced technicians and welders to fill positions. In addition, there are no inventory taxes in New Mexico!
Manufacturing in Lea County ranges from food processing to oilfield products, print and fashion products, and a variety of machinery parts, energy services, and metalwork.
Available land, trained workforce, and supportive leadership make Lea County a great place to manufacture goods and export them to surrounding areas including Texas and Mexico!
Centrally located between Texas and Mexico, Lea County opens up the manufacturing industry for national distribution.
- Oilfield Tools.
- Oilfield Parts.
Manufacturer’s Investment Tax Credit
Manufacturers may take a tax credit of 5.125 percent of the value of qualified equipment and other property used in their operation. The credit can be applied against compensating, gross receipts or withholding tax up to 85% of the total. Any remaining available credit may be claimed in subsequent reporting periods.
Technology Jobs Tax Credit
A taxpayer who conducts qualified research and development at a facility in New Mexico is allowed a basic tax credit equal to four percent (4%) of qualified expenditures, and an additional four percent (4%) credit toward income tax liability by raising its in-state payroll $75,000 for every $1 million in qualified expenditures claimed. The tax credit doubles for expenditures in facilities located in rural New Mexico (as defined for this tax credit as anywhere outside Rio Rancho or more than 3 miles outside Bernalillo, Doña Ana, San Juan or Santa Fe counties).
Corporate Income Tax Reduction
The corporate income tax act is amended to reduce the top corporate tax rate from its present law 7.6% to 5.9% over five years. The reduction begins in 2014, with a rate reduction to 7.3% followed by 6.9% in 2015 and 6.6% in 2016. In 2017, the top bracket is collapsed into the middle bracket (presently 6.4%), with a 6.2% rate. For tax years 2018 and following, the top bracket of two becomes 5.9%. The bottom 4.8% bracket remains the same.
New Mexico Junior College offers degrees and classes relating to manufacturing including welding, engineering including industrial, aerospace, chemical, geomatics, and more!
NMJC also offers customizable workforce training for businesses or companies requiring specific training for their industry or product!