The Firm’s tax division chief, Suzanne Wood Bruckner, is pleased to see the passage of jobs-creating tax legislation that recently passed in the 2015 Special Session of the New Mexico Legislature.
The “Headquarters Incentive” legislation permits companies with headquarters operations in New Mexico to elect to apportion business income using a single-weighted sales factor, lessening the New Mexico tax burden on businesses with headquarters operations in the state. Headquarters operations includes centralized back-office operations.
Ms. Bruckner, who is the immediate past chair of the Taxation Policy Committee of the Association of Commerce and Industry, helped write the key legislation.
ACI praised the measure’s passage, saying it “fixes this problem so that headquarters operations—which play a significant role in job growth and economic investment in the state—have a reason to stay and grow. … This is a win for New Mexico.”