Area Development State
Report
Facts at a Glance
CAPITAL: - Santa Fe
-
POPULATION:
- 1,713,407
(Feb. 1997)
-
LABOR FORCE:
- 814,400 (Mar. 1997/civilian,
nonagricultural)
-
UNEMPLOYMENT RATE:
- 6.2
Percent (Feb. 1998)
-
HIGH SCHOOL GRADUATION RATE:
- 66.6 Percent (1994)
-
COLLEGE GRADUATES:
- (Age 25 and over) 21.4%
-
RIGHT TO WORK:
- No
-
TRADITIONAL INDUSTRIES:
- Research, mining, agriculture,
electronics
-
EXPANDING INDUSTRIES:
- High technology, transportation,
business and health services, manufacturing, teleservices, tourism
-
BASIC BUSINESS TAXES:
- Corporate Income Tax
— 4.8 percent on the first $500,000 of net income; $24,000 plus
6.4 percent of income over $500,000 for income between $500,000 and
$1 million; $56,000 plus 7.6 percent of income over $1 million. Credits
for preservation and corporate-supported child care.
-
Sales
& Use Tax — Gross receipts tax of 5 percent on property
sold or leased and on services, including those performed out-of-state
but initially used in state; additional tax may be imposed by local
cities and counties. Investment credit for manufacturers equal to
5 percent of value of machinery and equipment used specifically
for manufacturing; if machinery is new, credit applied against purchase
price.
-
Property
& Real Estate Tax — Real and tangible property assessed
at 33.3 percent of value; many counties and municipalities offer
abatements for new business locations and expansions.
-
Financial
Incentives — Community Development Revolving Loan Fund
Program, 504 Loan Program, Community Development Block Grant Program,
Economic Development Setaside Loan, New Mexico SMB/FmHA Guaranty
Purchases, New Mexico Business Bonds, New Mexico Real Property Related
Business Loans, Industrial Development Training Program, Tax Abatements,
New Mexico Investment Tax Credit, Small Business 27J Exemption,
New Mexico Venture Capital Investments, Foreign Trade Zones.
-
Principal
SICs — (Including Percentage of Manufacturing Employment)
Food & Kindred Products 9.2%; Lumber & Wood Products 4.6%; Textiles,
Apparel & Other Finished Products 6.7%; Machinery (except Electrical)
6.0%; Electrical Machinery & Electronics Equipment 18.8%; Transportation
Equipment 7.8%; Other Durable Goods 29.9%; Other Nondurable Goods
17.0%.
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