The New Mexico Economic Development Department has reported that a newly released study completed by Ernst & Young ranks New Mexico as the best state in the West for manufacturing. To view the full report, click here.
According to the study, New Mexico now has the lowest effective tax rate for manufacturers in the West. That means once tax breaks are factored in, New Mexico the most competitive in the nine-state Western region.
The New Mexico Jobs Package that passed in the 2013 Legislature was factored into this report which helped move New Mexico’s ranking from 51st in the nation in a 2011 Ernst & Young report for having the HIGHEST business tax rate in the entire country to now the most competitive in the West for manufacturers in just three years!
The jobs package reduced New Mexico’s business tax rate by 22 percent and gives manufacturers the option to pay tax only on goods sold in state without punishing them with additional taxes on exports.
