Governor Susana Martinez & Representative Sarah Maestas Barnes

Announce Targeted Tax Relief Proposal To Help Small Businesses Get Of

The Ground
Proposal Seeks To Help Entrepreneurs Reinvest In Their Businesses To Grow And
Create New Jobs
Albuquerque, NM -- Governor Susana Martinez and Rep. Sarah Maestas Barnes
announced a proposal today for targeted tax relief to help small businesses as they
are getting off the ground. The legislation would allow eligible small business
owners to deduct up to 100 percent of their business income from personal income
taxes.
This targeted tax relief will help small business owners reduce their tax burden
during the early stages, while they are hiring new employees and getting off the
ground, Governor Martinez said. Lets help our small businesses continue to grow.
Theyre taking great risk, and they deserve our support.
Providing the deduction will allow small businesses to expand and hire more
workers, helping to diversify New Mexico's economy.
"Small businesses are the driver of our economy. When they succeed, so does New
Mexico and our families," Maestas Barnes said. "This legislation will lend a hand to
mom and pop stores when they need it the most."
Under the proposal, small business owners with less than $200,000 in taxable
income and less than $350,000 in total net business income would qualify for the
tax deduction. To be eligible, New Mexico businesses must be an LLC, S-corporation,
partnership, or sole proprietorship.
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