Updated: 04/04/2013 8:38 AM |
Created: 04/04/2013 8:18 AM
By: The Associated Press
SANTA FE, N.M. (AP) - Gov. Susana Martinez plans to sign a measure into law to lower taxes on corporations as an economic development incentive.
The governor's office said Martinez will sign the legislation on Thursday. Key provisions will reduce the state's corporate income tax rate from 7.6 percent to 5.9 percent over five years, and provide a tax break to manufacturers that sell most of their goods and services outside of New Mexico.
Supporters say the tax changes can help New Mexico in recruiting businesses or encouraging them to expand, potentially bringing more jobs to the state. New Mexico's top corporate income rate is the highest among neighboring states
. Friday is the deadline for the governor to sign or veto measures passed by the Legislature during its recently completed 60-day session.
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