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Incentive Programs

Posted by Mike Flores on March 4, 2016
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Nestled in the picturesque landscape of New Mexico, Las Cruces is not only known for its stunning vistas but also for its business-friendly environment. Entrepreneurs and businesses looking to establish or expand their operations in Las Cruces have access to a variety of incentive programs designed to promote economic growth, job creation, and overall prosperity. In this article, we’ll explore some of the key incentive programs offered by the city.

Job Incentive Program (JTIP)

The state of New Mexico’s Job Training Incentive Program (JTIP) is a cornerstone for companies seeking reimbursement for a portion of their training costs, particularly for positions offering above-average wages. This program aims to support businesses in their efforts to invest in the skills development of their workforce. For more detailed information, interested parties can refer to the program guidelines available on the official website.

WagePlus

WagePlus serves as a valuable supplement to JTIP, rewarding businesses that hire and pay above the median wage. This program offers a $1,500 per job reimbursement for qualifying companies that train and employ individuals for positions paying at least 10 percent more than the county median wage. To be eligible for WagePlus, companies must meet specific criteria, including manufacturing a product, exporting non-retail services from the state, or meeting state green industry standards. For inquiries or further details, interested parties can contact the economic development office at econdev@las-cruces.org.

Local Economic Development Act (LEDA)

LEDA presents a multi-year business expansion project that reimburses companies for job creation and allows the allocation of funds for various capital expenses such as manufacturing equipment and land purchases. Moreover, LEDA opens avenues for businesses to explore state tax credits that align with their specific plans and goals. To delve deeper into LEDA and explore available tax credits, businesses can visit the official website or contact relevant authorities for guidance.

Gross Receipts Tax Incentive Program (GRIP)

Designed for larger-scale businesses, the Gross Receipts Tax Incentive Program (GRIP) provides an enticing opportunity for companies, including certain retailers and restaurants. Businesses can create infrastructure in exchange for up to 75% of Gross Receipts Tax (GRT) generated over the term of the planned infrastructure build-out. To qualify, businesses must meet or exceed a $5,000,000/year sales volume after three years of operation. For detailed information on GRIP, interested parties can reach out to the economic development office at econdev@las-cruces.org.

Opportunity Zones

Opportunity Zones are a strategic economic development tool encouraging long-term private sector investment in low-income communities. Las Cruces offers information and a map of local Opportunity Zones to assist businesses in making informed investment decisions. To explore the possibilities within Opportunity Zones, interested parties can find more information on the official website.

Conclusion: Las Cruces City’s incentive programs underscore its commitment to fostering economic growth and providing a supportive environment for businesses. Whether you are a startup seeking training reimbursements or an established company eyeing tax credits, Las Cruces has a diverse range of programs to suit various business needs. By taking advantage of these incentives, businesses can contribute to the city’s economic vitality while enjoying the many benefits of establishing roots in this thriving community

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