Budget & Taxes

in committee · New Mexico · Senate Mar 24, 2026

SB 156: SOCIAL SECURITY INCOME TAX CAP

SB 156 removes income limits for New Mexico taxpayers claiming an exemption on Social Security benefits. Currently, the exemption is capped at $75,000 (married filing separately), $150,000 (joint filers), or $100,000 (single filers). The bill eliminates these caps, allowing all Social Security income to be exempt from state income tax regardless of total earnings. This change applies to taxable years beginning January 1, 2026, and directly affects New Mexico residents receiving Social Security benefits who exceed the previous income thresholds.

Topics ✓ Budget & TaxesSupports Budget & TaxesRemoves income caps on Social Security tax exemption, providing tax relief to low/middle-income retirees, aligning with support indicators for tax relief.95% confidence

Sub-Topics Income Tax

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in committee · New Mexico · Senate Mar 24, 2026

SB 133: HEALTH EQUIPMENT GRT DEDUCTION

SB 133 creates a tax deduction in New Mexico for healthcare practitioners who sell equipment or non-prescription medication directly to patients during office visits. It allows deductions for items used in patient treatment (like medical devices or saline), excluding standard office furniture and computers. To offset lost local tax revenue, the bill requires municipalities and counties to receive compensation based on the total deductions claimed in their areas. The law takes effect July 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax deduction for healthcare practitioners (tax policy), offsetting revenue loss via municipality compensation, advancing tax policy within budget framework.90% confidence ✓ HealthcareSupports HealthcareCreates tax deduction for healthcare practitioners selling treatment equipment directly to patients, improving access to medical supplies and supporting provider capacity.85% confidence

Sub-Topics Business Taxes Revenue Sales Tax

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signed · New Mexico · House Mar 4, 2026

HB 255: PUBLIC SAFETY WORKFORCE BUILDING PROGRAM

HB 255 creates a dedicated state fund to help counties and public safety agencies recruit and retain workers in law enforcement, firefighting, corrections, and public defender offices. The program provides competitive grants for recruitment bonuses, training, cross-jurisdictional collaboration, and equipment tied to workforce development - *not* for base salaries or new positions. Grant applicants must demonstrate how their initiatives address local staffing gaps, with priority given to areas with high vacancy rates or crime. All funds must be spent within two years, and grantees must submit annual progress reports to the state.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates dedicated state fund for public safety workforce grants, increasing budget allocation for essential services like law enforcement recruitment and training.92% confidence ✓ Criminal JusticeSupports Criminal JusticeBill funds recruitment/retention in law enforcement, corrections, and public defender offices to address staffing gaps, directly strengthening criminal justice system workforce capacity.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides grants for recruitment bonuses and training to address public safety staffing gaps, supporting workforce retention in key employment sectors.85% confidence

Sub-Topics State Budget Law Enforcement Public Employees Workforce Development Tags Public Safety

failed · New Mexico · House Mar 24, 2026

HB 103: CAP RESIDENTIAL PROPERTY TAX RATES

HB 103 caps annual increases in residential property tax assessments at 103% of the prior year's value or 106.1% of the value from two years prior, whichever is higher. This limit does not apply if a property's zoning changed or if ownership transferred in the year before the tax year. The bill also requires counties with low property sales ratios to reassess properties to meet a minimum threshold before the cap applies. It takes effect for tax years beginning January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps annual residential property tax increases, providing relief to homeowners by limiting assessment growth rates.95% confidence

Sub-Topics Business Taxes Property Tax

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in committee · New Mexico · Senate Mar 24, 2026

SB 170: CHILD CARE FACILITY DONATION TAX CREDIT

SB 170 creates a tax credit for New Mexico taxpayers who donate money to licensed child care facilities serving children under 12. Individuals and businesses can claim a credit equal to their donation (up to $500,000 annually), reducing their state income tax bill or receiving a refund if the credit exceeds taxes owed. To qualify, donations must be monetary, go to facilities meeting state enrollment standards for child care subsidies, and be certified by the Early Childhood Education and Care Department. The total annual credit value across all taxpayers is capped at $10 million, with applications processed in order of receipt. This policy directly affects donors and licensed child care facilities, aiming to support child care access through tax incentives.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit reducing state income tax for donations to child care facilities, providing tax relief while funding essential child care services.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New Mexico · Senate Mar 24, 2026

SB 107: STATEWIDE OUT-OF-SCHOOL TIME PROGRAMMING

SB 107 appropriates $20 million from the general fund annually to fund after-school and enrichment programs for school-age youth across New Mexico. The bill allocates $10 million specifically for school districts, charter schools, Bureau of Indian Education schools, and tribally controlled schools, and $10 million for nonprofit community organizations providing such programs. Unspent funds at year-end will not revert to the general fund, ensuring ongoing support for these services. This bill directly affects students in public schools and community-based programs by expanding access to structured out-of-school time activities.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $20M annually from general fund for after-school programs, directly funding public education services per budget allocation.95% confidence ✓ EducationSupports EducationAllocates $20M annually for after-school programs targeting schools and nonprofits, ensuring ongoing funding for student enrichment and access.95% confidence

Sub-Topics State Budget

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in committee · New Mexico · House Mar 24, 2026

HB 240: EDUCATION OPPORTUNITY ACCOUNT ACT

HB 240 creates the Education Opportunity Account Act, allowing eligible New Mexico students (residents without a high school diploma or equivalent) to access state-funded accounts for education expenses. The program deposits state funds - calculated based on average public school spending per grade, adjusted for special needs - into accounts managed by the state education department. Parents can use these funds for approved costs at qualifying private schools (not online schools), tutoring, textbooks, assessments, and transportation, but funds cannot be refunded to families and unspent balances revert to the state treasury after two years or upon graduation. The bill specifies strict usage rules, prohibits personal deposits into accounts, and requires annual contracts detailing approved expenses.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill allocates state funds to education accounts, increasing public education spending from state budget per legislative funding mechanism.90% confidence ✓ EducationSupports EducationCreates state-funded accounts for eligible students' education expenses, expanding access and funding for K-12 and post-secondary education.95% confidence

Sub-Topics K-12 Education School Choice

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in committee · New Mexico · Senate Mar 24, 2026

SB 108: REGIONAL FARM TO FOOD BANK PROGRAM

SB 108 allocates $2 million from the state general fund to the New Mexico Department of Agriculture (administered through New Mexico State University) to fund a regional farm-to-food bank program. This program connects local farms with food banks across New Mexico, helping redirect surplus produce to communities facing food insecurity. The bill ensures the funds remain available for fiscal year 2026 and future years without reverting to the general fund if unspent. It is a funding measure, not a new policy, and directly supports food banks, farms, and food-insecure residents through this specific appropriation.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $2M general fund to fund food bank program, increasing government spending for public assistance services.90% confidence

Sub-Topics Appropriations State Budget

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signed · New Mexico · House Mar 6, 2026

HB 4: HEALTH CARE AFFORDABILITY FUND DISTRIBUTIONS

HB 4 adjusts how funds from New Mexico's health insurance premium surtax are distributed to the Health Care Affordability Fund. It changes the percentage of surtax revenue sent to the fund over time: 55% before July 2024, 30% from July 2024 to September 2025, 55% from September 2025 to September 2026, and 100% after September 2026. The bill directly affects the allocation of state revenue generated by the health insurance surtax, which supports healthcare affordability programs. This policy change modifies existing distribution rules without altering the surtax rate itself. The fund's purpose is to assist New Mexicans with healthcare costs, though the bill does not specify new eligibility criteria or program expansions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill directs surtax revenue to Health Care Affordability Fund, funding essential healthcare programs through tax allocation. Explicitly increases fund allocation over time (100% post-2026).95% confidence ✓ HealthcareSupports HealthcareBill increases funding allocation to Health Care Affordability Fund over time, reaching 100% after 2026 to support healthcare affordability programs.92% confidence

Sub-Topics Revenue Insurance

in committee · New Mexico · Senate Mar 24, 2026

SB 150: LOCAL NEWS PRINTER TAX CREDIT

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a refundable tax credit for local news printers, a direct tax relief measure that reduces state tax revenue while supporting a specific industry. Explicitly addresses taxation policy.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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