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In this radio show, Karen Converse and her hosts discuss how to “grow your business through exports.” New Mexico MEP are hosting ExporTech, a hands-on how-to for putting together a plan to export goods manufactured in New Mexico to other countries.
Edge Factor tells stories of extraordinary people. Impact is a collection of insights from the leaders we met along the way.
Have you ever thought about what you can do in your company, in your town, in your school? Consider how YOU might participate in Manufacturing Day this year. Go to mfgday.com to see how you can impact your community.
The forms needed to complete the process have just been released and you cannot become eligible for the reduction without submitting the attached forms. Sadly, it doesn’t look like any tax relief will be retroactive.
PNM’s email referenced: “taxes paid before PNM receives the authorized NTTC will be lost forever.” So, getting this into PNM and then on to Tax and Revenue quickly is your best option.
Below are parts of emails from correspondence between a New Mexico MEP Board member with PNM to outline the GRT change. This is all the info we currently have but your PNM rep and/or CPA should be able to answer any questions.
The legislature passed legislation last January to gradually remove the GRT charged on electricity, gas and water used up in the manufacturing process. There is a 20% reduction starting January 1, 2013, 40% in 2014 and so on until it is completely removed.
The importance of applying early is any tax paid to PNM before we get a NTTC (non taxable certificate) will be lost forever. There will not be much if any publicity about this reduction.
The NM Tax and Revenue Department has provided the attached final forms for the utilities-related manufacturing consumables deduction from Gross Receipts Tax.
A link to these forms and additional information will be posted at:
http://www.tax.newmexico.gov/Businesses/Gross-Receipts/Pages/Home.aspx
What follows is a brief summary of the process.
After filling out the forms, you can initially mail them to:
PNM Tax Dept Manufacturers Deduction
Corporate Headquarters
Albuquerque, NM 87158-1025
Click here to see additional details at the website listed above.
Ron Burke, director of the New Mexico Manufacturing Extension Partnership, writes in a May 6 New Mexico Business Weekly piece that manufacturing and exporting is the key to energizing the New Mexico economy.
