GRT Fuel Exemption Will Bring Jobs to New Mexico
SANTA TERESA – Governor Susana Martinez joined officials from Union Pacific Railroad today to announce support for a locomotive fuel exemption to the Gross Receipts Tax and Compensation Tax. The exemption would put the state’s tax rate on par with neighboring Texas and would bring operational facilities currently housed in El Paso across the border to New Mexico. If passed into law, the exemption would also allow for the groundbreaking of a new Union Pacific rail facility near Santa Teresa.
“The first step to reviving New Mexico’s economy is encouraging businesses to invest in our state,” said Governor Martinez. “By implementing common-sense policies that foster growth and promote hiring, we can once again enjoy a robust private sector that fuels economic development. I strongly urge the legislature to pass the locomotive fuel tax exemption so Union Pacific can break ground and begin the process of hiring New Mexico workers and bringing back jobs that have been lost to other states. As I recently told my friend, Texas Governor Rick Perry, New Mexico is coming to take back our jobs. The Union Pacific facility here in Santa Teresa will send a clear signal that we are serious about putting our economy back on track.”
Union Pacific estimates that construction of the new Santa Teresa facility would create approximately 3,000 jobs over time, 900 sustained jobs at the peak, and permanent operation of the facility will employ up to 520 workers in 2015 and 660 workers in 2025.
Contact: Angela Heisel