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Baiting the development hook with a different tax

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This year’s hot term in economic development jargon is the “single sales factor.”
Some of the current buzz in economic development circles is that the single sales factor is the first concern of businesses considering locating in New Mexico.
If we don’t have it, the rumor goes, they won’t look further. (They used to say that about workers’ comp, but that issue is off the endangered species list for the moment.)
The single sales factor is at the top of the wish list Economic Development Department Secretary Jon Barela is calling the New Century Jobs Agenda, a package of mostly legislative proposals that EDD is hoping will boost our state’s persistently lagging private sector economy.
If New Mexico is serious this year about economic development, our legislators have to pay attention to the fact that business wants the single sales factor, and 25 other states have it.  
That’s the nature of the highly competitive game of economic development these days.
Dick Minzner, former secretary of the Taxation and Revenue Department, framed the issue in a recent briefing paper, noting that New Mexico receives $300 million to $400 million per year in corporate income taxes and most of those taxes are paid by large multistate or multinational corporations with locations in New Mexico.


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