Gov. Susana Martinez
Proposal Helps Entrepreneurs Reinvest To Grow And Create New Jobs
ALBUQUERQUE—Gov. Susana Martinez and Rep. Sarah Maestas Barnes announced a proposal today for targeted tax relief to help small businesses as they are getting off the ground.
Rep. Sarah Maestas Barnes
The legislation would allow eligible small business owners to deduct up to 100 percent of their business income from personal income taxes.
“This targeted tax relief will help small business owners reduce their tax burden during the early stages, while they are hiring new employees and getting off the ground,” Martinez said. “Let’s help our small businesses continue to grow. They’re taking great risk, and they deserve our support.”
Providing the deduction will allow small businesses to expand and hire more workers, helping to diversify New Mexico’s economy.
“Small businesses are the driver of our economy. When they succeed, so does New Mexico and our families,” Maestas Barnes said. “This legislation will lend a hand to mom and pop stores when they need it the most.”
Under the proposal, small business owners with less than $200,000 in taxable income and less than $350,000 in total net business income would qualify for the tax deduction. To be eligible, New Mexico businesses must be an LLC, S-corporation, partnership or sole proprietorship.