New Mexico offers one of the more competitive incentive structures in the mountain west, and several programs set more favorable thresholds for rural communities — which means Quay County businesses often qualify where metropolitan ones do not. RLEDC helps employers identify, qualify for, and apply.
Last reviewed: July 27, 2026 · RLEDC reviews this page when new federal and state data are released.
Administered by the New Mexico Economic Development Department and the New Mexico Taxation & Revenue Department. Program terms, thresholds, and availability are set by the State and change from time to time; RLEDC confirms current terms with the administering agency for every project.
A discretionary state incentive that can be applied toward reimbursement of land, building, or infrastructure costs for a qualifying economic base project. LEDA is the state's principal closing fund and is frequently paired with a local government participation agreement.
Reimburses a substantial share of wages for newly created jobs during a training period of up to six months. JTIP is among the most valuable programs available to an expanding or relocating employer, and rural placement generally improves the reimbursement rate.
A refundable credit equal to 8.5% of the wages and benefits paid for each qualifying new high-wage job, available for up to four years. The qualifying wage threshold is lower in rural communities than in urban ones — a direct advantage for employers locating in Quay County.
Issued by a local government, IRBs allow significant abatement of real and personal property tax and compensating tax for a negotiated term. Terms are set community by community and project by project.
Available to eligible employers creating qualifying jobs in rural New Mexico. The credit may be applied against state gross receipts tax, compensating tax, corporate income tax, or personal income tax liability. Quay County's rural classification supports qualification.
A credit of 5.125% of the value of qualified manufacturing equipment, applied against compensating tax or gross receipts tax liability, subject to employment requirements tied to the value of equipment placed in service.
A credit of 5% of qualified research and development expenditures, with an additional credit available where payroll increases accompany the R&D activity. Small-business terms apply to companies with fewer than 50 employees and qualified expenditures not exceeding $5 million.
Local participation is negotiated project by project with the City of Tucumcari and Quay County. RLEDC coordinates the local conversation so that an employer deals with one point of contact rather than several.
| Local Tool | Description |
|---|---|
| LEDA local participation | Municipal or county participation agreement and ordinance supporting a state LEDA award, which state LEDA generally requires. |
| Industrial Revenue Bond issuance | Issued by the City of Tucumcari or Quay County for qualifying projects, abating property and compensating tax for a negotiated term. |
| Infrastructure coordination | Water, wastewater, road, and utility extension planning coordinated with the City, County, and serving utilities as part of project development. |
| Permitting facilitation | Coordinated permitting pathway and timeline commitment through the City and County, arranged by RLEDC in advance of application. |
| Workforce pipeline commitment | RLEDC builds employer-specified training at no cost to the employer, sized and scheduled to the hiring plan — a local contribution that does not require an appropriation. |
| Grant development support | RLEDC prepares federal, state, and philanthropic funding applications supporting infrastructure, workforce, and community projects tied to an employer investment. |
| Step | What We Do |
|---|---|
| 1. Qualification review | Assess the project against each state and local program and identify which the employer can realistically qualify for — including the ones that will not work, so no time is spent on them. |
| 2. Package design | Assemble a combined state, local, and federal package with the sequencing and timing each program requires. |
| 3. Local coordination | Convene the City, County, and utilities, and secure the local participation state programs require. |
| 4. Application support | Prepare applications, documentation, and supporting analysis, and manage submission through the administering agencies. |
| 5. Workforce commitment | Design and commit the training pipeline the project requires, delivered at no cost to the employer. |
| 6. Compliance follow-through | Support post-award reporting and compliance so that awarded benefits are not lost to administrative failure. |
Several New Mexico incentives must be applied for before a project commences — an employer who breaks ground first can forfeit benefits that were available the week before. A conversation costs nothing and takes an hour.
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