Confused About Gross Receipts Tax Changes?

Effective July 1, 2021, New Mexico changed Gross Receipts Tax (GRT) regulations to “destination sourcing,” which requires most businesses to calculate and report GRT based on where their goods or the product of their services are delivered. Prior to July 1, New Mexico used “origin-based sourcing” in which most GRT was reported at the seller’s place of business.

To help businesses navigate the new rules, the Economic Development Department is hosting a webinar by the New Mexico Taxation and Revenue Department to provide insight and answer questions about how businesses can comply.

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Conference Aims to Help Manufacturers Adapt, Plan Future

New Mexico Manufacturing Extension Partnership (New Mexico MEP) is hosting a virtual conference October 26 through 29 to arm manufacturers with information to help them move beyond today’s supply chain, workforce, and other issues that pose challenges to production.

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DreamSpring Commits to Expanded Lending

The nonprofit lender DreamSpring has embarked on a 5-year plan to escalate its annual impact ten-fold over the organization’s 2019 lending levels by increasing its focus on entrepreneurs of color, low- and moderate-income entrepreneurs, people with disabilities, and other groups that are often underserved or marginalized.

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Grant Refresh for Sandoval County Businesses

The Sandoval County Board of Commissioners has added money to its CARES Grant pandemic relief program — now referred to as ARPA (American Rescue Plan Act) — that was offered to local businesses last year. Pandemic-impacted businesses located in Sandoval County, including the City of Rio Rancho, towns of Bernalillo and Cuba, and Village of Corrales, may apply for a grant of up to $20,000.

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Grants Offered for Global Expansion

The U.S. Small Business Administration State Trade Expansion Program (STEP) helps small businesses expand by increasing their revenue through global trade. Business owners interested in exporting their products can apply to the New Mexico Economic Development Department Office of International Trade (OIT) for assistance with strategies designed to increase small business exports. The OIT also makes available grant funds from SBA STEP for expenses such as tradeshow booth fees, trade missions, and other export-related activities.

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Building a Scalable Venture in New Mexico?

ActivateNM powered by CNM Ingenuity offers “office hours” for New Mexico startups and small businesses. Office Hours are a facilitated regular gathering of the growing ActivateNM community of entrepreneurs and mentors who get together to talk about pressing business questions their ventures are facing. The next monthly meeting will take place online on August 20.

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Invention-Con Delivers Patent Information

The U.S. Patent and Trademark Office (USPTO) is sponsoring a free online convention to help entrepreneurs capitalize on their intellectual property. Invention-Con takes place online from August 18 through 20.

Participants will hear from business and government experts about turning ideas into innovations, protecting work, and accessing valuable resources. Keynote speakers Serene Almomen, CEO of Senseware, and recording artist Ansel Brown will share their insights on science, technological innovation, music, and business.

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Increase Sales in the New Economy

A steady stream of sales is crucial to sustaining or growing a business. How do you increase sales in an economy where consumer buying styles have changed?

Join WESST online from 11:30 am to 1:00 pm on Tuesday, Aug. 17 for the first of four sessions to learn how to engage customers with a new approach to selling that increases revenue and eliminates pressure from the buying process.

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