Business Incentives
Generous Business Incentives: Sandoval County, NM
Sandoval County, NM’s strategic location and dynamic economic environment make it an ideal place for business development. The city continues to attract companies seeking growth and innovation, offering a business-friendly atmosphere and exceptional quality of life.
Whether you’re considering relocating your business or seeking a community with excellent educational opportunities and a favorable climate, Sandoval County provides a compelling choice for both living and working.
INDUSTRIAL REVENUE BOND (IRB)
Maximize your business growth in New Mexico with Industrial Revenue Bonds (IRB), offering substantial property tax abatements and exemptions on gross receipts and compensating taxes. IRBs provide low-cost financing through government-issued bonds from Sandoval County, making them an essential economic development tool for manufacturing, logistics, and large-scale investment projects.
WORKFORCE INNOVATION & OPPORTUNITY ACT (WIOA)
Leverage the Workforce Innovation & Opportunity Act (WIOA) to access federal funding for employee training and workforce development. New Mexico businesses can reduce hiring costs and invest in employee skill enhancement through WIOA programs administered by New Mexico Workforce Connection, boosting productivity and economic growth.
HIGH WAGE JOBS TAX CREDIT (HWJTC)
Attract top talent and reduce operational costs with the High Wage Jobs Tax Credit in New Mexico. This incentive offers an 8.5% tax credit on salaries for high-wage jobs paying $60,000 or more annually, making it ideal for companies in advanced manufacturing, technology, and business services sectors.
MANUFACTURING INVESTMENT TAX CREDIT
Drive your manufacturing operations forward with New Mexico's Manufacturing Investment Tax Credit, offering a 4.875% credit on qualified equipment and property used exclusively in manufacturing. Offset your compensating tax, gross receipts tax, and withholding tax while expanding your production capabilities.
TECHNOLOGY JOBS AND R&D TAX CREDIT
Fuel innovation and research with the Technology Jobs and R&D Tax Credit in New Mexico. Eligible facilities can receive up to a 10% tax credit on R&D expenditures including payroll, equipment, software, and contractor services, making it a key incentive for tech startups, biotech firms, and advanced research companies.
LOCAL ECONOMIC DEVELOPMENT ACT (LEDA)
Secure project funding through the New Mexico Local Economic Development Act (LEDA), providing financial resources to close competitive cost gaps for new or expanding businesses. LEDA supports economic-base projects with a “deal-closing fund,” ensuring your business thrives in New Mexico’s competitive market.
JOB TRAINING INCENTIVE PROGRAM (JTIP)
Established in 1972, JTIP is a generous initiative that funds training for new jobs in expanding or relocating businesses. It covers up to 6 months and reimburses 50 to 90% of employee wages, including custom training at public educational institutions.
Eligible sectors include manufacturing, non-retail service companies that export, and certain green industries, while agriculture, construction, gambling, health care, and retail are excluded.
GROSS RECEIPT INVESTMENT POLICY (GRIP)
A developer/retailer pays for the cost of public infrastructure improvements (roads, drainage, water and wastewater lines, etc.) for a project, and in return the city refunds a percentage of the yearly applicable gross receipts tax revenues it receives that are directly attributed to the retail sales of the project/business back to the developer up to a maximum number of years; or the city may reimburse impact fees where the reimbursement thereof is instrumental in bringing the retail or targeted commercial businesses to the city.
TAX INCREMENT DEVELOPMENT DISTRICT (TIDD)
A TIDD issues bonds to finance public infrastructure improvements (streets, water, wastewater, drainage). The TIDD bonds are secured by a dedication of certain municipal, county, and/or state-shared gross receipts tax that are generated in the TIDD. The length of time and amount of gross receipts tax dedication that occurs varies by individual TIDDs.
SANDOVAL COUNTY DEVELOPMENT FUND
Similar to LEDA, the Sandoval County Economic Development fund is available to offset costs in needed infrastructure or other expenses to help businesses locate here or expand. The County and the County’s Economic Development Department has designed and implement a systematic, transparent approach to prioritizing projects that meet the over-arching goals of the County for financial evaluation and structuring. These provide guidance for funding on project impact qualifications, application review criteria, and concentration factors. Projects are considered based on the following goals: • “County” Impact and Support • Impact to unincorporated or rural areas of the County • Increased Wages and Job Creation • Wealth Creation and Capital Investment • Environmentally Sustainable Outcomes • Financial Soundness and Readiness to Proceed.
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