New Mexico Senate OKs UP tax break
Written by William C. Vantuono, Editor-in-ChiefUnion Pacific, which plans to build a $400 million refueling facility in Santa Teresa, N.M., has won the approval of New Mexico’s Senate for a tax incentive in connection with the project.
A proposed fuel tax reduction tied to construction of the facility will cost state and local governments $1.9 million annually in reduced revenues starting in 2013. After passing the Senate on Monday by a vote of 37-4, the measure went to the House.
The legislature’s incentive is that the project is expected to create 3,000 jobs and the refueling center will bring 600 permanent positions.
The proposed facility is about 15 miles west of a UP rail hub in El Paso, Tex.
