The New Mexico Economic Development Department (NMEDD) offers an array of incentives that help local businesses like yours to expand. They have a Business Development Team that is ready to make the phone calls, do the math, and analyze the stats to figure out what tax credits and incentive programs benefit you. The Lovington Economic Development Corporation will be the liaison between your business and NMEDD and will facilitate the processes involved to bring your project online. The City of Lovington also offers local incentives that can benefit your business.
NEW MEXICO OFFERS A UNIQUE QUALITY OF LIFE: A BLEND OF RICH, ANCIENT CULTURES, AN ARTIST’S COLONY THAT DATES BACK THOUSANDS OF YEARS, AND A MYRIAD OF YEAR-ROUND OUTDOOR ACTIVITIES. It is the fifth largest state geographically, with a population of less than two million. It is the only state in the nation with the research capacity of two national science laboratories. It will soon be home to the world’s first purpose-built commercial spaceport. New Mexico is unique, affordable and business-friendly.
LEADERSHIP COMMITMENT
In Governor Richardson’s months of office he worked with the New Mexico Legislature to make sweeping changes in the State’s tax policy and enact new incentives to stimulate more economic growth. The maximum personal income tax rate has been phased down from 7.7 percent to 4.9 percent. Capital gains taxes were reduced by fifty percent. A high wage jobs tax credit was created. A rural jobs tax credit was extended. Several incentives have been created to expand growing industrial clusters in the State. New Mexico’s economy is strong and the State’s leadership remains committed to continued economic growth and prosperity for all who choose to call the Land of Enchantment home.
Loan of up to $250,000.00 to assist in creating new jobs and prosperity
May be used for infrastructure improvements, acquisition of real property, construction, rehabilitation, public facilities, and other real property investment
The local government either makes an acquisition or improvements and the loan is repaid via a lease agreement with a business. After the loan is repaid, ownership of the property or equipment may be transferred to the business
Terms of the agreement are negotiable, but not to exceed 10 years
Interest rate is set at half the treasury bond equivalent rate
Private property may not benefit directly from this program
Local Economic Development Act
In addition to business incentives offered by the State of New Mexico, cities and counties frequently offer them also. More than 62 New Mexico cities and counties have passed the Local Economic Development Act, in which a governing body has the power to finance the purchase of land, buildings, or infrastructure. The City of Lovington has passed the LEDA for their community.
Industrial Sites
The City of Lovington has Industrial Park sites available for lease. Sites are located within two miles of the city limits on major Highway 18. Selected sites have railway access. Leases are available for a ten (10) year period starting as low as $1/acre/year, renewable at the option of tenant. Sites have water and electricity availability.
Any information found on websites linked from here are views and opinions of that specific source. We are not responsible for information not obtained from our direct website.
