Budget & Taxes (Business Taxes)

in committee · New Mexico · Senate Mar 24, 2026

SB 121: INCREASE TOBACCO PRODUCTS TAX

SB 121 increases New Mexico's tobacco products tax rate from 25% to 40% on most tobacco products, including e-cigarettes and e-liquids. The bill directs 35% of the additional tax revenue to a new "Nicotine Use Prevention and Control Fund" administered by the Department of Health. This fund will finance youth-focused prevention programs, educational materials, and advertising for people aged 5-25, in collaboration with education departments. The tax hike directly affects tobacco manufacturers, retailers, and consumers through higher prices on products like cigarettes, cigars, e-cigarettes, and e-liquids.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill increases tobacco tax rate (25%→40%) and allocates 35% revenue to youth prevention fund, directly funding public health programs through tax revenue.95% confidence

Sub-Topics Business Taxes Revenue

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in committee · New Mexico · Senate Mar 24, 2026

SB 93: RAIL INFRASTRUCTURE TAX CREDIT

SB 93 creates a 50% corporate income tax credit for New Mexico railroads that make qualified infrastructure investments, such as track reconstruction, new rail spurs, or facilities for new customers. It directly affects railroads classified as Class 2 or 3 by the federal government or owners/lessees of rail spurs in New Mexico, with credit limits of $5,000 per mile of track for maintenance/replacement or $1 million per new customer project. The credit requires Department of Transportation certification, has a $6 million annual cap, and allows transfer of unused credits between taxpayers. Its purpose is to incentivize rail expansions that would not occur without the credit, aiming to increase freight capacity and reduce highway congestion.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 50% corporate income tax credit for rail infrastructure investments, providing direct tax relief to qualifying railroads. Explicit tax policy change benefiting businesses.95% confidence ✓ TransportationSupports TransportationSB 93 provides tax credits for rail infrastructure investments (track reconstruction, new spurs), directly funding transportation infrastructure improvements per its summary and subjects.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Freight Rail Roads & Highways

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in committee · New Mexico · Senate Mar 24, 2026

SB 117: UNIFORMED SVC. SALARY TAX EXEMPTION

This bill exempts from New Mexico state income tax salaries paid by the U.S. government to residents serving in uniformed services. It directly affects New Mexico residents working in the military (active/reserve army, navy, air force, etc.), Coast Guard, U.S. Public Health Service, NOAA Corps, or state National Guard. The key provision removes state tax liability on these federal salaries for tax returns filed in 2026 and later. The exemption requires taxpayers to report it to the state tax department and is included in official tax expenditure reports.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts military salaries from state tax, providing direct tax relief to service members, aligning with fiscal support for middle-income earners.90% confidence ✓ VeteransSupports VeteransExempts veterans' federal military salaries from state income tax, increasing disposable income and directly supporting financial well-being for uniformed service members including veterans.95% confidence

Sub-Topics Business Taxes Income Tax Sales Tax National Guard & Reserve

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died · New Mexico · House Mar 24, 2026

HB 148: PROPERTY TAX AFFIDAVITS

HB 148 creates a temporary 5% annual cap on increases in property tax valuations for nonresidential properties (like offices or stores) from 2026 through 2036, affecting commercial property owners. It also updates requirements for residential property transfers, mandating that sellers or buyers submit an affidavit with specific details (names, sale price, property description) to county assessors within 30 days of a transfer, but excluding many common transactions like family transfers, government deals, or leases. The bill explicitly states these affidavits are for statistical use only and cannot be used in property valuation. Exceptions to the valuation cap include new properties, expansions after disasters, or changes in property zoning.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill imposes 5% annual cap on commercial property tax valuation increases (2026-2036), providing direct tax relief for nonresidential property owners.95% confidence

Sub-Topics Business Taxes Property Tax

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in committee · New Mexico · Senate Mar 24, 2026

SB 60: TAX CHANGES

SB 60 reduces tax rates for businesses on income, gross receipts, and gaming devices while increasing the bingo and raffle tax. It repeals nine tax laws - including the estate tax, gasoline tax, and railroad tax - and removes authorization for tax increment funding for redevelopment projects. The bill adds a gross receipts tax exemption for donations to nonprofits and imposes new registration fees for electric vehicles. These changes primarily affect businesses, nonprofits, and local governments managing tax revenues.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRepeals estate/gasoline taxes, removes tax increment funding for redevelopment, and reduces business tax rates - diminishing government revenue sources and fiscal management.85% confidence ✗ TransportationOpposes TransportationRepeals gasoline tax (key transportation funding source) and removes tax increment funding for redevelopment projects, directly reducing transportation infrastructure revenue.90% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives Rail

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signed · New Mexico · House Mar 4, 2026

HB 154: ADVANCED ENERGY PRODUCT DEFINITION

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax credit eligibility for energy manufacturers, providing tax relief under existing programs, directly supporting tax policy.90% confidence ✓ EnergySupports EnergyExpands tax credit eligibility for renewable energy components (solar, wind, batteries, critical minerals), directly promoting clean energy investment and infrastructure development.95% confidence ✓ EnvironmentSupports EnvironmentExpands tax credits for renewable energy products (solar, wind, batteries), directly promoting clean energy adoption and reducing fossil fuel reliance95% confidence

Sub-Topics Business Taxes Income Tax Tax Credits Energy Storage Solar Wind

in committee · New Mexico · House Mar 24, 2026

HB 92: SENIOR INCOME TAX DEDUCTION

HB 92 would expand New Mexico's tax exemption for Social Security income, directly benefiting seniors whose primary income comes from Social Security. The bill phases in higher tax exemptions over time: starting at 20% for 2026-2027, increasing to 40% (2028-2029), 60% (2030-2031), 80% (2032-2033), and reaching 100% by 2034. It sets income thresholds: $75,000 for married filing separately, $150,000 for joint filers, and $100,000 for single filers. The bill is currently pending before the House Commerce & Economic Development and Taxation & Revenue Committees.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax relief for seniors (lower/middle income) via phased Social Security tax exemption, reducing their tax burden per bill's income thresholds and phased implementation.95% confidence

Sub-Topics Business Taxes Income Tax Tax Incentives Tags Seniors

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in committee · New Mexico · Senate Mar 24, 2026

SB 120: LOCAL JOURNALIST EMPLOYMENT TAX CREDIT

SB 120 creates a tax credit for New Mexico local news organizations that employ journalists. It allows qualifying owners (individuals or businesses) to claim a credit equal to 30% of wages paid to each eligible journalist, capped at $50,000 per journalist annually. The credit applies to taxable years before 2031, with a total annual limit of $4 million across all credits. To qualify, a journalist must work at least 25% of the year for a local news organization that meets specific content, ownership, and audience requirements (e.g., publishing local stories or serving New Mexico audiences).

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing burden on local news employers, supporting public service journalism through fiscal incentive.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides tax credit funding for journalist wages (30% of wages, capped at $50k), directly advancing employment and compensation in the news sector per bill's wage-focused mechanism.95% confidence

Sub-Topics Business Taxes Income Tax Tax Credits

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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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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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