Budget & Taxes

HB 64 allocates $13.25 million from New Mexico's Public Project Revolving Fund to three specific state funds for fiscal year 2027 and beyond. It provides $6.25 million to the Drinking Water State Revolving Loan Fund to match federal projects under the Safe Drinking Water Act, $2 million to the Local Government Planning Fund, and $5 million to the Cultural Affairs Facilities Infrastructure Fund for facility upgrades. The bill ensures unspent funds remain with the recipient programs instead of returning to the original revolving fund. This directly supports water infrastructure projects, local government planning initiatives, and cultural facility improvements across the state.

HB 154 updates the definition of "advanced energy product" for New Mexico's existing tax credit programs. It specifies that qualifying products include solar components (like panels and cells), wind turbine parts, battery materials, fusion machine components, and critical minerals (such as lithium and cobalt). This definition determines eligibility for the Advanced Energy Equipment Income Tax Credit and Corporate Income Tax Credit, which provide tax relief for manufacturers investing in qualifying facilities within New Mexico. The bill directly affects businesses producing these specific energy technologies who seek to claim the tax credits.

HB 255 creates a dedicated state fund to help counties and public safety agencies recruit and retain workers in law enforcement, firefighting, corrections, and public defender offices. The program provides competitive grants for recruitment bonuses, training, cross-jurisdictional collaboration, and equipment tied to workforce development - *not* for base salaries or new positions. Grant applicants must demonstrate how their initiatives address local staffing gaps, with priority given to areas with high vacancy rates or crime. All funds must be spent within two years, and grantees must submit annual progress reports to the state.

SB 19 adjusts New Mexico's public school funding calculation for fiscal year 2026 by resetting the "unit value" used to determine state education funding. It requires the Secretary of Public Education to adjust this value by February 27, 2026, based on statewide unit counts after consulting with finance departments and legislative committees. This change directly affects all public schools in New Mexico by altering the formula for calculating their state funding allocation for that fiscal year. The bill is a temporary adjustment for FY2026, not a permanent change to the school finance system.