Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
SANTA FE, N.M.
The state Senate has approved a proposed tax incentive for a rail yard project in southern New Mexico.
The legislation provides a locomotive fuel tax deduction targeted to the Union Pacific Railroad, which plans to spend more than $400 million for a refueling facility in Santa Teresa.
Sen. Cynthia Nava of Las Cruces said construction will create 3,000 jobs and the facility will bring 600 permanent jobs.
The tax deduction is expected to cost about $1.9 million a year in reduced state and local government revenues when it becomes available starting in July 2013.
The bill passed the Senate on a 37-4 vote Monday and goes to the House.
Union Pacific Corp. operates a rail hub in El Paso, Texas and the proposed facility is about 15 miles west in New Mexico.