Economic Development Incentives
ECONOMIC DEVELOPMENT …. Doing Business in Portales, New Mexico
PORTALES, New Mexico is focused on being the best place for your business.
Mayor Orlando Ortega and the City of Portales is committed to helping you relocate and prosper in our community. In addition to our human resources, lifestyle and location benefits we offer exceptional funding and investment resources, tax credit, deductions and exemptions, business bonds and training programs. To highlight a few of these programs:
Investing in New Mexico's Future
Invest New Mexico is a $200 million fund, which enables the state to use interest from its Permanent Fund to directly co-invest, like a private equity fund, into qualifying New Mexico companies. Application for investment can be made online, and fund managers respond within 30 days.
Training a Productive Work Force
The $18m Job Training Incentive Program (J-TIP) , one of the nation's most aggressive, supports customized workforce training that can be classroom-based, on-the-job, or a combination of both. The program can fund assistance of up to 1,040 hours per trainee.
Supporting Business Investment
Communities are not only investing in 21st century infrastructure-transportation, advanced communications, plant-but are also able to issue Industrial Revenue Bonds to exempt companies from property taxes on land, equipment, buildings and equipment. In many cases the IRB is also used as a funding vehicle.
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