corporate tax cuts
Latest tax break for Intel didn’t stop job cuts
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Just three years ago, the New Mexico Legislature significantly changed what manufacturers owe in taxes in the state. Legislators squarely aimed the changes at one big company: Intel. Next year, the tax changes will fully eliminate payroll and property taxes for manufacturers and instead only tax them on their in-state sales. Related Story: After report of layoffs, Intel future in NM still unclear
Over the years, the computer microprocessing giant has enjoyed at least $2.6 billion worth of state and local subsidies for its facility in Rio Rancho. But the company also fell on hard times this decade as personal computers, which Intel’s microchip is used for, ceded ground to cell phones and mobile devices.