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).
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.
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.
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.
HB 27 expands New Mexico's Technology Jobs and Research & Development Tax Credit by broadening the definition of "qualified expenditure" to include property owned by municipalities or counties for industrial revenue bond projects. This change directly affects technology companies and research facilities in New Mexico that qualify for the credit, allowing them to claim tax credits for costs related to local government-owned facilities used in qualifying R&D activities. The bill modifies existing tax code definitions to include these previously excluded property costs, without altering the credit's base eligibility criteria or calculation method. The amendment applies to businesses meeting standard requirements under the Technology Jobs and R&D Tax Credit Act, such as conducting qualified research in New Mexico facilities.
HB 232 creates a one-time $1,000 tax credit for New Mexico taxpayers who purchase certified secure gun storage (such as safes, lock boxes, or gun cases) starting in 2026. To qualify, buyers must obtain certification from the Public Safety Department confirming the storage meets safety standards, and the total annual credits are capped at $500,000. Taxpayers can claim the credit within one year of purchase to reduce their state income tax bill, with unused portions refunded. The credit applies only to individual taxpayers purchasing new storage devices for personal firearm storage, not to businesses or dependents.
HB 62 renames New Mexico's geothermal electricity generation tax credits to "geothermal energy production" credits and establishes a tiered credit system based on kilowatt-hour output. It provides tax credits ranging from $0.015 to $0.035 per kWh (increasing over the first five years then decreasing), capped at 200,000 megawatt-hours per facility annually. The bill limits total annual credits to $55 million, reserving $11 million for tribal and small businesses, and allows credit transfers between taxpayers. This directly affects geothermal energy producers in New Mexico who own facilities generating electricity from geothermal resources.
HB 82 extends New Mexico's Technology Readiness Gross Receipts Tax Credit through 2035, allowing national laboratories operating in the state to claim tax credits for helping local businesses mature technologies developed at those labs. The credit covers qualified costs like lab staff wages, travel, and supplies, up to $150,000 per business annually and $5 million total per laboratory per year. To qualify, businesses must be registered in New Mexico, have licensed technology from a lab or be in a research partnership, and receive assistance not otherwise available at reasonable cost. This directly affects New Mexico's national laboratories (e.g., Los Alamos, Sandia) and qualifying businesses collaborating with them on technology development.
This bill creates a tax deduction for businesses selling dyed diesel fuel (used for non-highway purposes like farming) instead of the current tax credit system. It allows businesses to reduce their state gross receipts tax bill by the amount of dyed diesel sales, effective July 1, 2026, and requires separate reporting of this deduction. The deduction applies to all dyed diesel sales until July 1, 2031, replacing the existing credit for agricultural use. This change directly affects businesses selling dyed diesel fuel in New Mexico.
HB 186 increases tax credits for landowners who donate property for conservation or preservation purposes. For donations made on or after July 1, 2026, it raises the credit to 80% of the land's fair market value (up from 50%), with a new $2 million annual cap (up from $250,000). The credit is refundable (meaning taxpayers receive cash if it exceeds their tax bill) and can be transferred in $10,000 increments to other taxpayers. This directly affects landowners donating conservation easements or similar permanent interests to eligible public or private conservation groups, such as those preserving farmland, historic sites, or natural habitats.
