Budget & Taxes

in committee · New Mexico · Senate Mar 24, 2026

SB 99: RURAL LIBRARIES ENDOWMENT FUND

SB 99 transfers $29.5 million from the state's general fund to the Rural Libraries Endowment Fund. This funding directly supports New Mexico's rural public libraries by providing a dedicated financial resource. The bill creates a permanent endowment to help sustain library services in rural communities. It was introduced by Senators Liz Stefanics and Pete Campos and passed out of committee in January 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesTransfers $29.5M from general fund to permanent endowment for rural libraries, funding essential public services.90% confidence

Sub-Topics State Budget

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in committee · New Mexico · House Mar 24, 2026

HB 106: HOME-BASED CHILD CARE INCOME TAX CREDIT

HB 106 creates a New Mexico income tax credit for parents who provide home-based child care for children under age 5, instead of enrolling them in state-funded or private child care or pre-kindergarten programs. The credit provides $1,000 per month per child for months the child is not eligible for public school, with annual inflation adjustments starting in 2027. Parents must apply for certification through the state's early childhood department to claim the credit, and any unused portion can be refunded. This policy directly affects New Mexico taxpayers with young children who choose home-based care over licensed facilities.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates income tax credit reducing taxable income for parents, providing tax relief for lower/middle income families through direct fiscal support.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New Mexico · House Mar 24, 2026

HB 201: IPRA TASK FORCE FUNDING

HB 201 appropriates $500,000 from the general fund to the New Mexico Attorney General's office for fiscal years 2026-2027. This funding will hire staff to support a task force studying the state's Inspection of Public Records Act (IPRA), which governs public access to government records. The bill specifically directs the Attorney General to convene and staff this task force to examine IPRA implementation. Any unspent funds at the end of 2027 must return to the general fund. The bill does not change IPRA itself but provides resources for a review study.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill allocates $500k from general fund for IPRA task force, directly involving state budget appropriations and fiscal management.90% confidence

Sub-Topics Appropriations State Budget

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in committee · New Mexico · House Mar 24, 2026

HB 160: CREATE ALL CITIES & COUNTIES FUND

HB 160 creates a new "All Cities and Counties Fund" in New Mexico's state treasury to distribute a portion of gross receipts tax revenue to municipalities (cities/towns) and counties. The bill requires 8% of eligible tax revenue to be transferred into this fund, with annual distributions calculated using a formula based on each municipality's or county's population and their share of state tax revenue. Transfers are scheduled to begin on November 1, 2027, and annually thereafter, directly affecting all cities and counties across New Mexico. The fund aims to provide ongoing financial support to local governments based on population data and tax contributions.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates fund distributing 8% of tax revenue to local governments, increasing funding for municipalities/counties through state fiscal management.95% confidence

Sub-Topics Business Taxes Revenue Tags Local Government

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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

Sub-Topics State Budget Higher Education

in committee · New Mexico · House Mar 24, 2026

HB 90: HEALTH CARE PRECEPTOR INCOME TAX CREDIT

HB 90 creates a $1,000 annual income tax credit for licensed health care professionals in New Mexico who provide unpaid clinical training (preceptorships) to graduate students seeking eligible health care degrees. It directly affects licensed doctors, nurses, dentists, pharmacists, and other health professionals who mentor students at New Mexico colleges or universities. To qualify, preceptors must complete at least 120 hours of training under an accredited institution, with the credit requiring institution certification and applying only to the year of service. Unused portions of the credit can be carried forward to future tax years. The credit applies to taxable years beginning January 1, 2026, and targets health care education support rather than broader policy changes.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates $1,000 annual income tax credit for health care preceptors, directly providing tax relief under taxation policy.95% confidence ✓ HealthcareSupports HealthcareCreates tax credit to incentivize healthcare preceptors, strengthening workforce development and training for future professionals in healthcare education.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New Mexico · House Mar 24, 2026

HB 217: WESTERN NM UNIVERSITY DIGITIZATION FUNDING

HB 217 appropriates $3 million from the state general fund to Western New Mexico University's Board of Regents for digitizing university files during fiscal year 2027. The funds must be spent by the end of 2027, with any unexpended balance reverting to the state treasury. This bill directly affects Western New Mexico University's administrative operations by providing dedicated funding for a specific digital infrastructure project. The legislation is purely procedural, focusing on financial allocation rather than policy changes.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $3M from state general fund for university digitization project, directly funding education infrastructure via budget allocation.95% confidence ✓ TechnologySupports TechnologyFunds digitization of university files ($3M), directly supporting digital infrastructure within education, aligning with funding/advancing technology indicators.90% confidence

Sub-Topics State Budget

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in committee · New Mexico · House Mar 24, 2026

HB 104: COUNTY & TRIBAL HEALTH COUNCILS ACT FUNDING

HB 104 appropriates $8 million from the general fund to New Mexico's Department of Health for fiscal years 2027-2028 to support county and tribal health councils under the County and Tribal Health Councils Act. The bill specifically allocates $1 million to contract for services assisting the Department of Health in supporting these councils. Any unspent funds by the end of 2028 would revert to the general fund. This funding directly enables local health councils to operate and engage with state health initiatives.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $8M from general fund for health councils, increasing public service funding under budget appropriations.90% confidence ✓ HealthcareSupports HealthcareAllocates $8M to fund county/tribal health councils, enabling local health services operation under County & Tribal Health Councils Act.95% confidence

Sub-Topics State Budget

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in committee · New Mexico · Senate Mar 24, 2026

SB 36: QUANTUM FACILITY INFRASTRUCTURE TAX CREDIT

SB 36 creates a 30% tax credit for businesses making at least $3 million in qualified infrastructure or equipment expenditures for quantum facilities located in New Mexico. The credit, capped at $50 million per facility, directly affects companies building quantum technology research facilities in the state. Key provisions require preliminary and final certification from New Mexico's Economic Development Department, mandate equipment stay in-state for 10 years, and include specific definitions for "quantum facility" and "qualified equipment." The credit reduces income tax liability, with unused portions refundable, and is subject to an annual $50 million state budget cap.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates 30% tax credit for businesses, directly providing tax relief under taxation policy.95% confidence ✓ TechnologySupports TechnologyProvides 30% tax credit for quantum tech infrastructure investments, directly funding research facilities in New Mexico per bill's core purpose.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Emerging Technology Tags Economic Development

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in committee · New Mexico · Senate Mar 24, 2026

SB 92: CONSTRUCTION MATERIALS GROSS RECEIPTS

SB 92 creates a tax deduction for businesses selling construction materials and labor used in affordable multifamily housing projects in New Mexico. It directly affects developers and contractors building housing that qualifies as "affordable" (defined as units for households earning ≤80% of the area median income) and sold to qualifying grant recipients under the Affordable Housing Act. The deduction reduces taxable gross receipts for these specific sales until July 1, 2033, and requires the tax cost to be tracked in the state budget. The bill takes effect on July 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax deduction for affordable housing construction, reducing taxable income for qualifying businesses under affordable housing programs90% confidence ✓ HousingSupports HousingTax deduction for affordable housing construction (≤80% AMI) incentivizes development, directly advancing affordable housing goals through business tax relief until 2033.95% confidence

Sub-Topics Business Taxes State Budget Affordable Housing

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