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In a move aimed at boosting small businesses in the state, New Mexico Governor announced today the introduction of new tax breaks for small businesses. The tax breaks, which go into effect immediately, are part of a broader effort by the state to stimulate economic growth and create jobs.Under the new tax breaks, small businesses with annual gross receipts of $500,000 or less will be eligible for a 25% reduction in their state gross receipts tax. Additionally, small businesses that invest in new equipment or make improvements to their facilities will be able to deduct those expenses from their state income tax liability.Governor praised the new tax breaks as a way to support small businesses, which are the backbone of New Mexico's economy. "Small businesses are critical to our state's economic success, and these tax breaks will help them thrive and grow," the Governor said in a statement.The announcement comes as welcome news to many small business owners in New Mexico, who have struggled in recent years due to the economic downturn caused by the COVID-19 pandemic. "This tax break will provide much-needed relief to small businesses like mine, allowing us to reinvest in our businesses and create jobs for New Mexicans," said Sarah Martinez, owner of a small bakery in Albuquerque.In addition to the tax breaks for small businesses, the state also announced plans to expand its tax credits for film and television production in an effort to attract more entertainment industry projects to New Mexico. The state already boasts a thriving film industry, with major productions such as "Breaking Bad" and "Better Call Saul" filming in the state in recent years.Overall, the new tax breaks and incentives are expected to have a positive impact on New Mexico's economy, providing a much-needed boost to small businesses and creating new opportunities for growth and investment in the state.