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 →

By Damon Scott, Finance New Mexico

The New Mexico film industry has been an economic bright spot for the past several years, helping businesses grow and weather the recession.  After state tax incentives for the industry kicked into gear in 2003, opportunities for individuals and businesses have been continually created. And industry leaders say there’s still room for growth.

Nick Maniatis, director of the New Mexico Film Office, said the industry is “as strong as it’s ever been,” with 2017 shaping up to be the third-consecutive year of record activity — defined by overall economic impact and job creation, among other markers. Continue reading →

By Damon Scott for Finance New Mexico

Customers, workers, partners and associates have seen it: Business owners with incredible drive and energy who fall into the habit of working harder, not smarter.

This phenomenon may be especially true when applied to understanding business finances. And it can happen to someone who has been in business for 20 years or just two months.

A long-running program at WESST in Albuquerque has sought to change the equation when it comes to the language of business finances, which can be intimidating for both startup entrepreneurs and seasoned business owners. Continue reading →