A guide to help you understand the ins and outs of business in New Mexico
New Mexico, the fifth largest state in the US, is located in the Southwest. It shares state borders with Texas and Oklahoma to the east, Colorado to the north, and Arizona to the west. New Mexico, Arizona, Colorado and Utah all are a part of the Four Corners region, which is New Mexico’s northwestern corner of the state. Furthermore, New Mexico has a portion of its southern border along the border of the United States and Mexico. The capital of New Mexico is Santa Fe, but its largest city is Albuquerque. Even though it is one of the larger states in the nation, it is only the 36th most populous state, with 2.09 million people. New Mexico’s GDP for 2019 was $105,143,000,000.
The top industries in New Mexico are aerospace and defense, bioscience, cybersecurity, film and TV, global trade, manufacturing, green energy, and agriculture. New Mexico is home to the US production base of Netflix and a production hub for NBCUniversal, with film companies averaging $300 million spent in state per year. New Mexico also has huge renewable energy potential; it has the second most days of sunshine in the country and in 2017 already had wind energy making up for 14% of the state’s energy generation.
In 2019, New Mexico exported $39,594,017 to Qatar with its top exports being: Optic, photo, medical/surgical instruments Aircraft, spacecraft, and parts thereof Tools, cutlery, etc.
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New Mexico has a two-tiered corporate tax rate. For income that is $500,000 or less, entities will be taxed 4.8%. For any income in excess of $500,000, there will be a tax of $24,000 plus 5.9%. New Mexico has two free trade zones (Albuquerque and Santa Teresa) and 56 incentive programs. Some examples of the incentive programs include the New Mexico 9000 Certification Training Program and the Science & Technology Business Start-Up Grants Program.