New Mexico Economic Development Secretary Jon Barela will be the featured speaker at the December MVEDA Business in the Borderplex luncheon. The luncheon will be held on Tuesday, December 4, 2012 from 11:30 AM until 1:00 PM at the Hotel Encanto de Las Cruces, 705 S. Telshor. The meeting will begin with a hot entree buffet.
Secretary Barela will present the New Century Jobs Agenda which is a legislative plan to invest in small businesses and job creators, workers, infrastructure and rural communities to make the state more competitive and attract private investment. The agenda includes seven-points that evolved from the New Century Economy Summit with participants from every region of the state, representatives of various industries and involved advocacy organizations, labor unions, higher education and local governments.
The New Century Economy Agenda:
- Implement a single sales factor – A single sales factor allows companies to pay tax only on income from sales within the state. To date, 25 states have passed a single sales factor and passage of the single sales factor would encourage job creation and investments in New Mexico. The New Century Jobs Agenda supports reforming the tax code to include an elective single sales factor.
- Reduce the corporate income tax rate – New Mexico currently has the 2nd highest Corporate Income Tax at 7.6% in a 9 state region. The New Century Jobs Agenda supports reducing the rate to 4.9% over a four-year period to mirror the Personal Income Tax.
- Fund the Local Economic Development Act (LEDA) – The LEDA program serves as a closing fund in recruiting companies to the state by providing funding to local governments for infrastructure tied to direct job creation. The New Century Jobs Agenda seeks $10 million for funding of LEDA.
- Increase funding for the Jobs Training Incentive Program (JTIP) – JTIP is one of the state’s best economic development tools. It invests in local workers by offering financial support for hiring and training new employees. The New Century Jobs Agenda seeks $4.75 million to assure adequate funding to support new job creation.
- Capital Outlay Reforms – The capital outlay process is the mechanism by which the state invests in infrastructure projects. Instead of taking a piecemeal approach, the New Century Jobs Agenda supports a focus toward evaluating and prioritizing projects based on their regional and statewide importance; bond for projects that will leverage the greatest federal match and see the project through completion to maximize the economic investment into our state.
- Spaceport Informed Consent – The New Century Jobs Agenda supports the passage of an informed consent law that is extended to spacecraft manufacturers and suppliers. This will make Spaceport America more competitive with the other 12 states that have passed this type of informed consent such as Texas, Colorado, Virginia and Florida. This is required in attracting new tenants to the spaceport and for a successful commercial space industry in New Mexico.
- MainStreet Investment – The New Century Jobs Agenda supports increased investment for the New Mexico MainStreet program. MainStreet works throughout the state’s downtown communities to create an economically feasible business environment through the preservation of historical and cultural locations.
Luncheon cost is $20.00 per person, payable by cash, check or major credit card. Due to space limitations, reservations are required. Please confirm your attendance no later than Thursday, November 29 by sending an email to rsvp@mveda.com or by calling the office at (575) 525-2852. The meeting is open to the public.
