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Susana Martinez on Corporations |
One proposal expands a tax credit provided to "angel investors" who help finance new companies. The governor wants to provide up to $2 million a year in credits, up from a current $750,000 cap, and increase the individual investments that qualify for a tax break.
Martinez also proposes to revamp existing credits for small technology companies, potentially costing the state $2 million a year. One change would allow firms to collect a refund for some spending on research and development if their tax credits exceed their tax liability.
But competing for jobs goes further than just common-sense tax policy. We need to partner with our small business owners to help them hire and train new workers now. That is why I am also requesting a $4.75 million investment to further the success of our Job Training Incentive Program, or JTIP. This is a partnership with small businesses to help them train new employees and encouraging more hiring.
That's why I am proposing that we exempt roughly half of New Mexico's small businesses--those earning less than $50,000 per year--from the gross receipts tax. That's roughly 40,000 of our small businesses--the little ones, the start-ups. This is a bottom-up approach.
