N.M. Admin. Code § 5.5.50.11

Current through Register Vol. 35, No. 21, November 5, 2024

Section 5.5.50.11 - REQUIREMENTS FOR FUNDING REQUEST

A. A company must submit a written proposal to the JTIP staff one month before the board meeting to be considered for funding. The JTIP online application and supporting documentation are what make up the complete proposal. Information and documentation which must be included in the proposal is explained in detail in the JTIP online application and proposal guide, which describes the requirements for initial applications for funding and for companies which are submitting subsequent requests.

B. The board considers a number of factors when evaluating proposals. These include:

(1) being a corporate or established industry leader;

(2) quality of jobs with respect to wages and benefits; companies are encouraged to pay at levels which may be eligible for the high wage job tax credit ($60,000 in urban locations and $40,000 in other locations);

(3) return on investment, including impact on local and state economies; factors include number of jobs, impact on average wage and household earnings; increase in per capita income; annual local purchases impacting local/state sales taxes; dollar amount of new construction; environmental impact; and overall economic support to the community;

(4) the company's financial strength should indicate a capacity for long-term employment for JTIP trainees;

(5) charitable and community contributions;

(6) current on NM CRS-1 and UI reporting and payment obligations.

(7) any other factors the board deems relevant.

N.M. Admin. Code § 5.5.50.11

5.5.50.11 NMAC - Rp, 5.5.50.8 NMAC, 03-15-2006; A, 06-30-2011; A, 6-30-14, Amended by New Mexico Register, Volume XXVI, Issue 12, June 30, 2015, eff. 7/1/2015, Adopted by New Mexico Register, Volume XXIX, Issue 12, June 26, 2018, eff. 6/26/2018