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Report: NM No. 1 in West for manufacturing

ernstALBUQUERQUE, N.M. — The New Mexico Economic Development Department reported Thursday that a newly released study completed by Ernst & Young ranks New Mexico as the best state in the nine-state Western Region for manufacturing because it now has the lowest effective tax rate for manufacturing companies.

The New Mexico Jobs Package that passed in the 2013 Legislature was factored into the report which helped move New Mexico’s ranking from 51st in the nation in a 2011 Ernst & Young report for having the highest business tax rate in the country.

The jobs package reduced New Mexico’s business tax rate by 22 percent and gives manufacturers the option to pay tax only on goods sold in state without punishing them with additional taxes on exports, the department said in a news release.