Budget & Taxes

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.

HB 253 requires New Mexico school districts and charter schools to report projected enrollment numbers for students in distance learning programs. It changes school funding calculations by excluding distance learning students from membership counts used to determine state funding, and establishes a new approval process for these programs requiring state education department review. The bill also sets enrollment limits for distance learning with specific exceptions, clarifies requirements for students with disabilities in such programs, and renames the "Statewide Cyber Academy Act" as the "Distance Learning Act" while updating related definitions. These changes directly affect school districts, charter schools, and students enrolled in distance learning programs.

SB 2 increases funding for New Mexico's highway projects by raising fees on vehicle registrations and commercial truck taxes. It raises weight-distance tax rates for commercial trucks (affecting freight companies), increases standard passenger vehicle registration fees, and adds new annual fees for electric vehicles ($70-$90) and plug-in hybrids ($35-$45) starting in 2027. All new revenue from these changes goes directly to the State Road Fund to support highway improvements. The bill specifically targets commercial truck operators, all vehicle owners, and electric vehicle owners, with fee amounts varying by vehicle type and registration year.