Budget & Taxes

failed · New Mexico · House Mar 24, 2026

HB 103: CAP RESIDENTIAL PROPERTY TAX RATES

HB 103 caps annual increases in residential property tax assessments at 103% of the prior year's value or 106.1% of the value from two years prior, whichever is higher. This limit does not apply if a property's zoning changed or if ownership transferred in the year before the tax year. The bill also requires counties with low property sales ratios to reassess properties to meet a minimum threshold before the cap applies. It takes effect for tax years beginning January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps annual residential property tax increases, providing relief to homeowners by limiting assessment growth rates.95% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

Track

signed · New Mexico · House Mar 11, 2026

HB 332: CAPITAL OUTLAY REAUTHORIZATIONS

HB 332 reauthorizes and adjusts the use of existing state funds for specific capital projects, primarily extending their spending deadlines to fiscal year 2028 and modifying project purposes. It changes the original use of funds for the Lea County courthouse renovation (now for general county buildings) and expands the Albuquerque youth facility project to include young adults. The bill also extends timelines for a Navajo Nation bridge project and redirects unspent funds from a Curry County recreation complex to renovate a local park. These adjustments apply to previously appropriated funds without creating new spending, focusing on managing unspent balances from prior legislative actions.

Topics ✓ Budget & TaxesSupports Budget & TaxesRedirects unspent funds and extends timelines for capital projects, promoting efficient fiscal management of existing state funds without new taxation or cuts.85% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · Senate Mar 11, 2026

SB 240: CAPITAL OUTLAY PROJECTS

SB 240 authorizes New Mexico to issue bonds funded by severance taxes (taxes on oil, gas, and mineral extraction) to finance state capital projects like building construction, vehicle purchases, and equipment. It requires state agencies to certify their need for funds by the end of 2028 and to spend at least 5% of the bond proceeds within six months and 85% within three years of receiving the money. Unspent funds must be returned to the state treasury by 2030 or within six months of project completion, whichever comes first, preventing long-term budgeting of unused funds. This ensures timely project spending while holding agencies accountable for efficient use of bond proceeds.

Topics ✓ Budget & TaxesSupports Budget & TaxesUses severance tax revenue for capital projects with spending deadlines and return of unspent funds, promoting fiscal responsibility in budget management.95% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · House Mar 11, 2026

HB 2: GENERAL APPROPRIATION ACT OF 2026

HB 2, the General Appropriation Act of 2026, allocates funding for New Mexico's state government operations during fiscal year 2027. It directs $55 million from the general fund to legislative agencies and $496 million from the general fund to the judiciary, with additional amounts from other funding sources. The bill requires unspent funds at year-end to automatically return to the general fund by October 1, 2026 and 2027, and establishes accounting rules for tracking revenue and expenditures. This bill affects all state agencies by setting their budget allocations and spending rules for the 2027 fiscal year.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates state funds for operations, mandates unspent funds return to general fund, promoting fiscal responsibility per budget management indicators.90% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · Senate Mar 11, 2026

SB 151: CORPORATE INCOME TAX CHANGES

SB 151 adjusts New Mexico's corporate tax calculation to better align with federal rules for certain income types. It modifies the state's definition of "base income" by adding back specific federal deductions (like interest from state bonds) and subtracting amounts for bonus depreciation and interest expenses that the federal government allows. This bill directly affects corporations operating in New Mexico that file federal tax returns, particularly those with income from controlled foreign corporations. The key change ensures New Mexico's tax calculation accounts for federal adjustments related to foreign income and depreciation, while applying standard apportionment rules to attributed income.

Topics ✓ Budget & TaxesSupports Budget & TaxesModifies corporate tax base to disallow federal deductions (e.g., bond interest), increasing state tax revenue and aligning with fiscal responsibility.95% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · Senate Mar 10, 2026

SB 193: ACEQUIA & DITCH INFRASTRUCTURE FUND TRANSFER

This bill increases the annual transfer of funds from the New Mexico Irrigation Works Construction Fund to the Acequia and Community Ditch Infrastructure Fund from $2.5 million to $5 million. It directly affects acequia (traditional community irrigation systems) and local ditch infrastructure projects by providing them with doubled annual funding. The key mechanism is an amendment to existing state statute governing fund allocations, while maintaining a separate $1 million annual transfer to the Forest Land Protection Revolving Fund. The change takes effect on July 1, 2026, and represents a concrete policy shift in water infrastructure funding priorities.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases annual funding allocation for acequia infrastructure from $2.5M to $5M, directly boosting state budget spending on essential public water infrastructure.95% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · House Mar 10, 2026

HB 247: CAPITAL OUTLAY CHANGES

HB 247 limits how New Mexico state agencies can manage capital projects (like construction or equipment purchases) by requiring unspent funds to revert to specific state funds. It prohibits reauthorizing projects more than once or for over two years unless 10% of the initial funds are already committed, and mandates that projects over $100,000 must align with an approved infrastructure plan. Unspent general fund capital appropriations must revert to the Capital Development and Reserve Fund (or Tribal Infrastructure Fund for tribal projects) by specific deadlines, with water projects now requiring state agency grant programs instead of direct legislative funding. The bill updates prior laws (2022-2025) to enforce these reversion timelines and spending rules.

Topics ✓ Budget & TaxesSupports Budget & TaxesEnforces fiscal accountability in capital project spending through fund reversion and alignment requirements, promoting responsible budget management.85% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · House Mar 9, 2026

HB 8: HIGHER ED. MAJOR PROJECTS FUND

HB 8 creates a $300 million Higher Education Major Projects Fund in New Mexico's state treasury, funded by a transfer from the general fund. The bill allows state universities and community colleges to use these funds for major construction projects, including research facilities costing $50 million or more, student housing, and student life facilities like recreation centers. It requires institutions to cover 25-50% of project costs through non-state sources (like donations or bonds), with waivers possible if institutions cannot afford matches. Initial priorities include $150 million for a new UNM medical school, $50 million for a NMSU building, and $100 million for student housing statewide.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $300M from general fund to higher ed projects, requiring institutional cost-sharing, advancing public service funding within fiscal management.95% confidence ✓ EducationSupports EducationCreates $300M fund for higher ed infrastructure (research facilities, housing, recreation), directly advancing educational facilities funding for state universities and colleges.95% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · Senate Mar 6, 2026

SB 152: LOW-INCOME TELECOMM. ASSISTANCE PROGRAM

SB 152 establishes a new Low-Income Telecommunications Assistance Program in New Mexico, replacing the previous "Low Income Telephone Service Assistance Act." The program directly affects low-income residents who qualify for telecom service assistance, waiving specific fees including the 911 emergency surcharge and telecommunications relay service surcharge. Key provisions include restructuring the existing broadband program, setting budget caps for the state rural universal service fund, and requiring regular reporting on program administration. The bill repeals the outdated Low Income Telephone Service Assistance Act to streamline eligibility and funding under the new framework.

Topics ✓ Budget & TaxesSupports Budget & TaxesWaives 911 emergency and relay service surcharges for low-income residents, providing direct tax relief per bill's fee waiver provisions.95% confidence ✓ TechnologySupports TechnologyBill waives telecom fees for low-income residents and restructures broadband program to expand internet access and promote digital equity.95% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes

signed · New Mexico · House Mar 6, 2026

HB 4: HEALTH CARE AFFORDABILITY FUND DISTRIBUTIONS

HB 4 adjusts how funds from New Mexico's health insurance premium surtax are distributed to the Health Care Affordability Fund. It changes the percentage of surtax revenue sent to the fund over time: 55% before July 2024, 30% from July 2024 to September 2025, 55% from September 2025 to September 2026, and 100% after September 2026. The bill directly affects the allocation of state revenue generated by the health insurance surtax, which supports healthcare affordability programs. This policy change modifies existing distribution rules without altering the surtax rate itself. The fund's purpose is to assist New Mexicans with healthcare costs, though the bill does not specify new eligibility criteria or program expansions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill directs surtax revenue to Health Care Affordability Fund, funding essential healthcare programs through tax allocation. Explicitly increases fund allocation over time (100% post-2026).95% confidence ✓ HealthcareSupports HealthcareBill increases funding allocation to Health Care Affordability Fund over time, reaching 100% after 2026 to support healthcare affordability programs.92% confidence | Rep's Stance ✓ Voted Yes ✓ Supports Budget & Taxes