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The Land of Enchantment is known for its stunning desert landscapes, vibrant culture, and rich history.
It has a strong focus on energy, tourism, and agriculture.
We especially love its abundant natural resources, low cost of living and doing business, its growing tourism industry, and its skilled workforce in specialized fields.
Businesses affected by October flooding in New Mexico can request additional time to file and pay certain state taxes under newly announced disaster relief measures.
The New Mexico Taxation and Revenue Department announced October 27, 2026, that qualifying taxpayers may receive extensions for several business tax obligations originally due in October, November, and December.
The department is also waiving penalties and interest associated with the approved extensions.
The new measures provide additional relief beyond the extensions announced October 5 for taxpayers affected by flooding that began in September.
Under the latest announcement, qualifying taxpayers affected by October flooding may request an extension until January 25, 2027.
The extension applies to covered tax obligations originally due October 26, November 25, and December 28, 2026.
The affected tax programs include gross receipts taxes, compensating taxes, withholding taxes, oil and gas taxes, combined fuel taxes, and other excise taxes.
These obligations can affect businesses across several industries, including retail, professional services, construction, transportation, and energy.
However, the relief is specifically intended for taxpayers affected by the flooding.
Businesses should not assume that the extension applies automatically to every New Mexico taxpayer.
The department will waive penalties and interest associated with the approved disaster-related extensions.
This distinction is important for business owners who may be unable to meet their original tax deadlines because of flooding, property damage, disrupted operations, or related recovery activities.
The extensions provide additional time to meet qualifying tax obligations.
They do not eliminate the underlying taxes owed.
Businesses remain responsible for filing required returns and paying applicable taxes by their approved deadlines.
Affected taxpayers can request relief by submitting Form TRD-41432, Disaster Relief Extension Notification.
The form can be submitted by email or regular mail.
Businesses may request an extension before filing their tax returns or after receiving a notice concerning late-payment penalties and interest.
Taxpayers needing additional time beyond the disaster extension may request a longer filing extension using Form RPD-41096, Extension of Time to File.
Both forms are available through the New Mexico Taxation and Revenue Department’s official website.
Businesses should review the instructions accompanying each form to determine which request applies to their circumstances.
Completed disaster extension forms can be emailed to [email protected].
Businesses may also mail their requests to the New Mexico Taxation and Revenue Department at P.O. Box 630, Santa Fe, New Mexico 87504-0630.
Additional information is available in department bulletins 100.49 and 100.43.
Those bulletins provide guidance concerning the October and September flooding extensions.
The announcement does not identify a universal extension for businesses unaffected by the disaster.
Taxpayers should confirm that their circumstances qualify before relying on the January 25 deadline.
Businesses with questions about specific tax accounts or filing obligations can contact the department for guidance.
For qualifying New Mexico businesses, the extensions provide additional time to address tax responsibilities while recovering from recent flooding.
Technology businesses headquartered in New Mexico have an opportunity to apply for state financial assistance intended to help commercialize products developed through federally funded research.
The New Mexico Economic Development Department is accepting applications for its 2027 Small Business Innovation Research and Small Business Technology Transfer Matching Grant Program.
The competitive program offers grants of up to $100,000 to qualifying companies that have received federal SBIR or STTR research awards.
Applications opened October 20, 2026, and must be submitted by November 17.
The program provides different funding amounts depending on a company’s federal research award status.
Businesses with an active federal Phase II SBIR or STTR award may qualify for up to $100,000.
Companies with an active Phase I award may receive up to $50,000.
Businesses whose Phase I awards ended within the previous three months may also qualify for up to $50,000 if they intend to pursue Phase II funding.
The number of awards will depend on application evaluations and available funding.
Submitting an application does not guarantee financial assistance.
The program is designed to help technology companies move federally supported innovations toward commercial markets.
Federal SBIR and STTR awards generally support research and development activities.
New Mexico’s matching grant addresses certain business development expenses that may fall outside the scope of those federal awards.
Eligible expenses include intellectual property assessments, patent filings, outside laboratory testing, regulatory certifications, market research, and meetings with prospective customers or investors.
Trade show participation may also qualify, although those expenses cannot exceed 10% of the total state award.
Grant funding cannot be used for payroll, additional research and development, laboratory equipment, business equipment, or other specifically excluded expenses.
The program targets for-profit businesses developing technologies in four priority sectors.
These include advanced energy, advanced computing and quantum technologies, biosciences, and aerospace and defense.
Applicants must maintain their headquarters in New Mexico and have employees physically working in the state.
Businesses operating only through virtual New Mexico headquarters are not eligible.
Companies with more than 40% of their staff located outside New Mexico are also excluded.
Additional requirements include maintaining applicable state and federal tax identification numbers, providing a New Mexico tax good-standing letter, and certifying that at least 51% of the activities under the federal SBIR award will occur in New Mexico.
The program is intended for businesses developing technology-based products, devices, or software rather than companies that simply use existing technology to provide unrelated services.
Applicants must submit supporting materials explaining their technology, commercialization strategy, proposed budget, and anticipated business growth.
Required materials include an executive summary, presentation slides, budget documentation, and financial or operational projections.
Applications will be evaluated based on factors including market potential, management experience, technology development, proposed expenses, and potential economic benefits to New Mexico.
Selected recipients must complete their approved projects within 12 months of executing their grant agreements.
Quarterly reporting requirements also apply.
Applications must be submitted electronically by November 17, 2026, at 5 p.m. Mountain Time.
Businesses can access the application and program guidelines through the New Mexico Economic Development Department’s Technology and Innovation Office.
For qualifying New Mexico technology companies, the program offers financial assistance specifically intended to support market entry, customer development, and business expansion.
Small businesses and private nonprofit organizations affected by severe weather on the Mescalero Apache Reservation in New Mexico have until November 23, 2026, to apply for certain federal disaster assistance loans.
The U.S. Small Business Administration issued a reminder October 23 confirming that its Economic Injury Disaster Loan program remains available to qualifying applicants affected by storms, flooding, and landslides during the summer of 2025.
The disaster period extended from June 23 through August 5, 2025.
Eligible organizations may qualify for loans of up to $2 million to address financial losses directly associated with the declared disaster.
The Economic Injury Disaster Loan program is designed to help qualifying organizations meet ordinary financial obligations when a declared disaster disrupts business activity.
Unlike loans intended specifically to repair damaged property, economic injury loans address working capital needs.
Eligible uses can include payroll, accounts payable, fixed debts, and other operating expenses that a business cannot meet because of the disaster.
A business does not necessarily need to have experienced physical property damage to qualify.
For example, a business that experienced a qualifying interruption in operations may be eligible to seek assistance even if its building and equipment were not damaged.
However, applicants must demonstrate financial losses directly connected to the declared disaster.
According to the SBA’s October 23 announcement, eligible applicants may receive loans of up to $2 million.
Interest rates can be as low as 4% for businesses and 3.625% for private nonprofit organizations.
Repayment terms may extend up to 30 years.
Interest does not begin accruing, and payments are not due, until 12 months after the first loan disbursement.
The SBA determines individual loan amounts, interest rates, and repayment terms based on each applicant’s financial circumstances.
The $2 million figure represents the maximum available loan amount, not a guaranteed award.
These funds are repayable loans rather than grants.
The disaster declaration specifically covers the Mescalero Apache Tribe.
Eligible applicants may include qualifying small businesses, small agricultural cooperatives, and private nonprofit organizations.
Faith-based nonprofit organizations may also qualify.
The SBA generally excludes agricultural producers, farmers, and ranchers from this particular disaster loan program, except for qualifying aquaculture enterprises.
Businesses must demonstrate that their economic losses resulted directly from the declared storms, flooding, or landslides.
Simply operating in New Mexico does not establish eligibility.
The declaration is specifically associated with the Mescalero Apache Tribe rather than every business throughout Otero County or the state.
The SBA identifies November 23, 2026, as the deadline for completed Economic Injury Disaster Loan applications.
The agency also states that it will accept applications during a 60-day grace period after the deadline.
However, businesses should not rely on that additional period when preparing their applications.
Applicants can submit requests through the SBA’s official disaster assistance website.
The agency also provides assistance through its National Support Network Center.
Business owners should be prepared to provide information supporting their financial losses and the connection between those losses and the declared disaster.
The October 23 announcement is a reminder about an existing disaster declaration rather than the creation of a new funding program.
Nevertheless, the approaching deadline provides an opportunity for qualifying businesses that have not yet applied.
For the Mescalero Apache business community, the assistance may help eligible organizations address outstanding operating expenses resulting from the 2025 disaster.
The SBA encourages applicants to submit their information before the November deadline.
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