New Mexico is a diverse state and it is time that we build a diverse economy that grows more jobs in communities throughout the state, so we are less reliant on federal spending and the dysfunctional politics in Washington, DC.
Like the rest of the country, New Mexico has been hit hard by the national recession. Unfortunately, because our state heavily relies on federal spending, the federal government shutdown and federal budget cuts have made things even harder. Despite that, the private sector in New Mexico has gained more than 32,000 jobs since January 2011. But federal budget cuts have contributed to the state losing almost 14,000 government jobs since that time.
Governor Martinez is committed to putting more New Mexicans back to work and helping small businesses grow. She has worked across the aisle to diversify our state’s economy to better insulate us from the dysfunction in Washington. In 2013, she signed a bi-partisan comprehensive tax reform package that makes New Mexico more competitive with surrounding states and has been credited with dramatically improving our state’s business climate.
The Governor recognizes that businesses can and will locate anywhere and it is critical that New Mexico has a tax and regulatory environment that allows us to compete with neighboring states to attract new companies, as well as help existing small businesses grow and flourish. In just three years time, in fact, New Mexico has moved from third worst in the western region for competitiveness in manufacturing to having the most competitive tax rates and incentives for manufacturing in the west.
In her next four years, Governor Martinez will continue to work with Democrats and Republicans alike to create jobs and foster a business-friendly environment – it’s about making it easier to start and grow all kinds of small businesses in communities throughout the state.
Helping Small Businesses Grow Throughout the State
- Established the Office of Business Advocacy to help businesses cut through red tape to create jobs and expand in New Mexico. The Office of Business Advocacy has assisted over 200 small businesses and helped save or create over 2,000 jobs.
- Signed legislation creating an online one-stop shop to help small businesses with permitting and other functions.
- Governor Martinez has increased job training funding for New Mexico small businesses and New Mexico workers. The Job Training Incentive Program (JTIP) fund was broke when the Governor took office, but through leadership, the fund is solvent and over one hundred small businesses have put New Mexicans back to work.
- Reformed the state’s unemployment insurance system by removing politicians from the equation, so that businesses are treated fairly and the system acts like a true insurance program.
- Increased support for the MainStreet program to develop local economies throughout New Mexico. In 2012 alone, MainStreet created 622 jobs, helped start 134 new businesses, and assisted in the expansion of 21 existing businesses.
- For her tireless advocacy to improve New Mexico’s economy, Governor Martinez was named “Woman of the Year” by Hispanic Business Magazine in 2011, awarded the “Business Advocate in Politics Award” from the Albuquerque Chamber of Commerce, and the “Hero of he Year” by the New Mexico Business Coalition.
Leveling the Playing Field with Surrounding States
Working across the aisle, Governor Martinez passed historic tax reform that helps level the playing field with surrounding states to help create more jobs in New Mexico:
“I think this is the closest thing we’ve had since I’ve been here to true, total tax reform” — Democratic Senate Finance Chairman John Arthur Smith (Albuquerque Journal; 3/17/13)
- When Governor Martinez took office, New Mexico’s tax structure was rated as one of the least business-friendly in America. Working across party lines, Governor Martinez passed sweeping tax reform that cut the business tax rate by 22 percent. This helps level the playing field with other states so local businesses can grow and create jobs.
- Reduced taxes 24 times, including eliminating the double and triple taxation of goods that hit middle class families and small businesses the hardest.
- Closed loophole that allowed some out-of-state corporations to avoid paying the same corporate taxes as New Mexico businesses.
- Ended the tax punishment of companies that create New Mexico jobs to export their goods from our state. This tax reform helps grow manufacturing in New Mexico and has led to significant export growth.
- Closed a loophole so that out-of-state corporations no longer have hiring preferences designed for in-state businesses.
New Mexico has been recognized by the Council On State Taxation, a national nonpartisan taxpayer watchdog group, for a dramatic improvement in the state’s tax administration. The group raised New Mexico’s grade from a D to a B after the state adopted tax reforms.
Lawsuit Abuse Reform
- Signed legislation ending lawsuit abuse to help Spaceport America grow and create jobs.
- Vetoed legislation that would have increased the amount by which trial lawyers could sue doctors for, which would have driven up the cost of health care and resulted in good doctors leaving the state.
Developing the Border Region, Creating Jobs and Economic Opportunities for the Future
- Worked closely with local officials and Mexican governors to develop the border region:
- Exports to Mexico are at an all-time high.
- Signed legislation leading to Union Pacific relocating to Santa Teresa, New Mexico from Texas. This created 600 permanent jobs in New Mexico, and is serving as a catalyst for other companies and jobs moving into our state.
- Signed legislation streamlining vehicle weight regulations to allow for the transportation and hauling of more goods at New Mexico’s southern port of entry. Increased economic activity along the border led to record-breaking exports in 2012, when New Mexico was named the fastest growing exporter in the country.
- Supported and authorized millions in capital projects to build a wastewater treatment facility and other critical water infrastructure in Santa Teresa.
- “…these investments and innovations will pay off with good-paying jobs, greater opportunities and an expanded tax base.” (Editorial, “Our View: State investing in build-up of Santa Teresa”, Las Cruces Sun-News, 4/30/13).
- Launched the highly successful “New Mexico True” campaign that The Santa Fe New Mexican called, “breathtaking.”
- Tourism is on the rise in New Mexico for the third straight year, with overall tourism numbers increasing by 2.6 percent in 2012, leading to a record level of 32 million visitors to our state. Tourism spending and employment have both surpassed pre-recession levels, with tourism spending increasing by 7 percent in 2012.
- Under Governor Martinez New Mexico moved from 38th in the country in export growth to number one in 2012, and the state’s exports to Mexico are now at an all-time high. Trade volume has nearly doubled and according to the U.S. Department of Labor, 6,000 new jobs have been created.
Cutting Red Tape while Supporting Responsible Regulations and Safeguards
- Repealed the job-killing “cap and tax” regulations that stifled economic growth in the state and helped create a thriving energy sector.
- Eliminated the yearly vendor registration fee for companies seeking to do business with the State.
- Formed the New Mexico Small Business-Friendly Task Force by executive order on the Governor’s first day in office to make recommendations on reducing regulatory burdens on small businesses.
- Streamlined the process for air quality permit approvals. Implemented a system allowing contractors and architects to submit construction plans online, saving time and money for countless small businesses.