New Mexico State Law
NM Business Registration
LicensingNew Mexico businesses must register with the Secretary of State before conducting business. Sole proprietors using a trade name must file a DBA with the county clerk. Businesses with employees…
Source: NM Secretary of State
New Mexico employers who pay $1,500 or more in wages in any calendar quarter or employ at least one worker in 20 weeks of a year must register with the…
Source: NM Department of Workforce Solutions
NM Job Training Incentive Program
FinancingThe New Mexico Job Training Incentive Program (JTIP) provides reimbursement grants to businesses for the cost of training newly hired employees in new or expanding New Mexico facilities. Reimbursement rates…
Source: NM Economic Development Department
NM Small Business Investment Corporation
FinancingThe New Mexico Small Business Investment Corporation (NMSBIC) provides capital to small business lending institutions and CDFIs that in turn make loans to New Mexico small businesses. The program focuses…
Source: NM Small Business Investment Corporation
NM Home-Based Business Rules
Home BusinessHome-based businesses in New Mexico are regulated by local city and county zoning ordinances. Most jurisdictions permit home occupations as an accessory residential use subject to restrictions on signage, customer…
Source: NM Economic Development Department
NM LLC Formation Requirements
FormationNew Mexico LLCs are formed by filing Articles of Organization with the Secretary of State and paying a $50 fee. All LLCs must designate a registered agent with a New…
Source: NM Secretary of State
NM Corporation Formation
FormationNew Mexico corporations are formed by filing Articles of Incorporation with the Secretary of State and paying a minimum $100 fee based on authorized shares. Corporations must designate a registered…
Source: NM Secretary of State
NM Biennial Report Filing
FormationNew Mexico corporations must file a Biennial Report with the Secretary of State every two years. The filing fee is $25. New Mexico LLCs are not required to file periodic…
Source: NM Secretary of State
NM Corporate Income Tax
TaxesNew Mexico imposes a corporate income tax on C corporations with rates from 4.8% on income up to $500,000 to 5.9% on income above $1 million. Corporations file Form CIT-1…
Source: NM Taxation and Revenue Department
NM Gross Receipts Tax
TaxesNew Mexico imposes a Gross Receipts Tax (GRT) on persons engaged in business in the state. The statewide rate is 5%, with local additions bringing combined rates to between 5%…
Source: NM Taxation and Revenue Department
NM Minimum Wage
EmploymentNew Mexico minimum wage is $12.00 per hour as of January 1, 2023. Tipped employees must receive at least $3.00 per hour provided tips bring total compensation to the minimum…
Source: NM Department of Workforce Solutions
NM Workers Compensation Insurance
EmploymentNew Mexico employers with three or more employees must carry workers compensation insurance. Employers in the construction industry must provide coverage regardless of the number of employees. Coverage may be…
Source: NM Workers Compensation Administration
NM Professional Licensing
LicensingNew Mexico professional licensing is administered by the Regulation and Licensing Department, which oversees boards covering contractors, engineers, architects, real estate agents, financial professionals, and healthcare providers. License applications and…
Source: NM Regulation and Licensing Department
NM Contractor Licensing
LicensingNew Mexico requires all contractors performing work valued at $50,000 or more to be licensed by the Construction Industries Division. Contractors must pass an exam, demonstrate financial responsibility, and carry…
Source: NM Construction Industries Division
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