By Finance New Mexico

The blueprint for starting a home-based enterprise in New Mexico can be a simple sketch or a complicated technical drawing. It all depends on the business type and location.

Common to all businesses is the need to pick a structure, secure a Combined Reporting System number, register with the city or county, obtain required permits or certifications and decide whether to hire employees and interact with customers or to work alone as an independent contractor. Continue reading →

By Finance New Mexico

New Mexico’s gross receipts tax is admittedly confusing, but the state still expects businesses to follow the law and pay what they owe from the sale of property or services.

In a nutshell, GRT is a substitute for the traditional sales tax that shoppers in other states pay when they make a purchase. In New Mexico, the seller pays the tax on the sales price of a product or service even if the seller doesn’t collect it from the buyer — and even if the buyer lives out of state. Continue reading →

By Damon Scott for Finance New Mexico

JTIP recipient Insight Lighting; photo Jane Phillips photography

The Job Training Incentive Program, the economic development tool better known as JTIP, is responsible for creating 10,000 New Mexico jobs since 2011, according to the New Mexico Economic Development Department (EDD).

Since 1972, JTIP has been providing incentives for qualifying employers who are expanding or relocating in the state. Incentives include money for on-the-job training for up to six months and reimbursement of up to 75 percent of an approved employee’s wages and training costs at an approved New Mexico public education institution. Continue reading →

By Sandy Nelson for Finance New Mexico

Creating and expanding businesses is essential to economic development in rural New Mexico, and broadband internet access is essential to helping those ventures succeed. In fact, few businesses anywhere in the state can reach all potential customers without fast, reliable and affordable connections to the web.

To share information about existing resources and suggest how broadband-deficient communities can obtain better service, the New Mexico Economic Development Department (NMEDD) recently hosted a webinar under the auspices of its FundIt initiative. Continue reading →

By Damon Scott for Finance New Mexico

State tourism departments are assigned a big task: drive visitors to cities, towns and attractions, where tourist dollars can spur the economy. When they’re successful, local businesses get a boost from increased sales.

For the New Mexico Tourism Department, much of selling the state is easy, as the Land of Enchantment’s natural beauty sells itself. And since the department’s 2012 launch of the New Mexico True campaign, businesses can leverage the visibility and heft of the state’s sales efforts by becoming certified as New Mexico True. Continue reading →