ABANDONED BUILDING REVITALIZATION TAX CREDIT

HB 472 creates a corporate income tax credit for businesses rehabilitating abandoned buildings in New Mexico. Taxpayers can claim a 25% credit on qualified rehabilitation expenses (up to $700,000 per project), subject to pre-certification by the Economic Development Department and a $20 million annual cap on total credits. The credit requires projects to meet specific cost thresholds (80%-125% of estimated expenses) and must be certified within one year of completion. Unused credits may be carried forward for up to five years, and credits can be transferred to other taxpayers.