Find the Best New Mexico Business for Sale
Find the Best New Mexico Business for Sale
Tourism and the service industry are in integral part of New Mexico's economy, and the same came can be said for manufacturing electronic equipment, agriculture and mining. In addition, small businesses in any industry are also a key factor because entrepreneurs and innovative investors, which are a diverse group, help to drive the state's economic development.
Here are some groups that help businesses of all sizes to succeed in New Mexico:
Sponsored by New Mexico's Economic Development Department, the Community, Business and Rural Development Team works closely with like-minded local organization to assist businesses in the state, whether the assistance needed is financial, technical, regulatory or educational. This means that if you are interested buying in a New Mexico business for sale, these professionals have the expertise that can make a real difference in completing the process.
The state's Financial Development Team (FDT) provides services such as financial packaging, accessing capital, detailed financial analysis and consultation with their clients regarding every aspect of conducting business in New Mexico. They also provide assistance in gaining access to New Market Tax Credits, Smart Money and similar programs and partner with organizations that include the Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA).
The New Mexico Finance Authority (NMFA) operates financing programs with the goal of stimulating the state's economic development. This includes the power to create, run, own or co-own eligible Community Development entities (CDEs) in order to participate in the New Markets Tax Credit Program (NMTCP). The program offers businesses that are new, expanding or relocating to areas that are underserved in America. With this in mind, the NMFA is encouraging the use of its tax credit incentives as part of New Mexico's other economic development initiatives.
Businesses are allowed to take a tax credit that equals 10 percent of the total worth of workers' salaries and benefits. This applies to every new job that pays at least $28,000 annually in any area with a population lower than 40,000. Companies located in a more highly populated area can also receive this credit with a minimum salary requirement of $40,000. A qualified employer may take this credit for a period of four years, and it cannot exceed $12,000 annually for each new job. This benefit is used to reduce commercial tax liability, which includes the state's portion of tax on gross receipts, withholding tax and compensating tax.
Companies may also take a tax credit of 4 percent of their research expenses or 8 percent in a one of New Mexico's rural areas. (Note that any portion of the state outside of Albuquerque, Rio Rancho, Los Alamos, Santa Fe and Las Crucesand a 10-mile zone around a municipalityis considered to be a rural area.) These expenditures include property, buildings, computer software, equipment, technical literature, consultants' fees, patents, test materials, labor and payroll. This credit, which can be carried forward, may be applied to state payroll tax, compensating tax or gross receipts tax. Also, if payroll expenses are increased by $75,000 or more for every $1,000,000 of expenditures, another 4 percent can be credited toward the state income tax.
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