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.
SB 116 removes the $30,000 annual limit on the income tax exemption for uniformed services retirement pay in New Mexico. It directly affects New Mexico residents who are uniformed services retirees (including military, Coast Guard, Public Health Service, NOAA Corps, or National Guard members) or their surviving spouses. The bill changes the law so that all retirement pay from these services qualifies for the tax exemption, rather than only the first $30,000. This exemption applies to taxable years beginning January 1, 2027.
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.
SB 97 expands New Mexico's Technology Jobs and Research and Development Tax Credit by including property owned by municipalities or counties for industrial revenue bond projects as eligible "qualified expenditures." This change directly affects tech businesses and research facilities that use such municipal-owned property for their operations, allowing them to claim tax credits for related costs. The bill amends the existing tax credit definition to remove a current exclusion for these specific property expenditures. It does not alter the credit's calculation method or eligibility thresholds for businesses. The policy change aims to broaden access to the tax credit for qualifying tech investments funded through local government bonds.
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.
HB 221 removes the $30,000 annual cap on tax exemptions for military retirement pay in New Mexico, making all such income tax-exempt for eligible individuals. It directly affects New Mexico military retirees and their surviving spouses who qualify for lifetime retirement benefits under federal law. The bill amends state tax code to eliminate the previous limitation, meaning retirees no longer face a taxable threshold on their military pay. This change applies to taxable years beginning January 1, 2026, and does not create new benefits but modifies existing tax treatment.
SB 172 extends New Mexico's Technology Readiness Gross Receipts Tax Credit, allowing national laboratories operating in the state to claim tax credits for costs incurred while helping registered New Mexico businesses mature technologies developed at those labs. The credit covers qualified expenses like lab staff salaries, travel, and supplies, up to $150,000 per business annually and with annual limits per laboratory (starting at $2 million in 2026-2027 and rising to $5 million by 2029). To qualify, businesses must be registered in New Mexico and have licensed technology from the lab or participate in a cooperative research agreement with it. National laboratories must submit annual reports detailing program activities, business progress, and economic impact studies to the state tax department.
HB 77 creates a corporate income tax credit for businesses renovating vacant buildings or lots in New Mexico that have been unoccupied for at least two years. The credit covers 30% of renovation costs for properties vacant 2-5 years (capped at $2 million per business) or 40% for properties vacant 5+ years (capped at $4 million), provided at least 15% of new housing units are affordable for low/moderate income residents (defined as ≤85% of local median income). Businesses must get pre-certification before work begins and post-completion certification, with the credit being transferable or carry-forwardable for up to five years. The credit expires in 2038, has an annual spending limit of $100 million (with $50 million reserved for non-rural areas), and applies to projects starting in 2026.
SB 150 creates a refundable tax credit for New Mexico local news printers (businesses that manufacture/produce newspapers for local news organizations) that employ qualified staff. It allows owners to claim up to $10,000 per full-time equivalent employee ($5,000 for part-time) based on wages paid, with a total annual cap of $1 million across all credits. To qualify, news printers must have operated for at least five years, employ five or more qualified employees (who work 25%+ of the year on newspaper production in New Mexico), and meet specific content and ownership requirements. The credit is claimed through a department certification process and expires before 2031.
HB 194 expands New Mexico's Metropolitan Redevelopment Program to include areas with housing shortages, defined as locations experiencing affordable housing scarcity, rising costs, or low vacancy rates. The bill allows redevelopment projects in these areas to include qualifying multifamily housing and exempts such properties from property taxation for up to 20 years. This directly affects developers and property owners building or maintaining affordable housing in designated shortage areas. The policy aims to increase housing supply by reducing financial barriers for developers in regions with critical housing needs.
