Budget & Taxes (Business Taxes)

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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signed · New Mexico · Senate Mar 11, 2026

SB 151: CORPORATE INCOME TAX CHANGES

SB 151 adjusts New Mexico's corporate tax calculation to better align with federal rules for certain income types. It modifies the state's definition of "base income" by adding back specific federal deductions (like interest from state bonds) and subtracting amounts for bonus depreciation and interest expenses that the federal government allows. This bill directly affects corporations operating in New Mexico that file federal tax returns, particularly those with income from controlled foreign corporations. The key change ensures New Mexico's tax calculation accounts for federal adjustments related to foreign income and depreciation, while applying standard apportionment rules to attributed income.

Topics ✓ Budget & TaxesSupports Budget & TaxesModifies corporate tax base to disallow federal deductions (e.g., bond interest), increasing state tax revenue and aligning with fiscal responsibility.95% confidence

Sub-Topics Business Taxes Income Tax

in committee · New Mexico · Senate Mar 24, 2026

SB 174: GOLD & SILVER SALE GRT DEDUCTION

This bill allows New Mexico businesses selling gold or silver coins or bullion to deduct those sales from their gross receipts tax (a tax on business sales) until July 1, 2031. It specifically defines "bullion" as metal bars, ingots, or commemorative medallions where value depends on metal content, not form. Taxpayers must report these deductions to the state, and the cost of the deduction will be tracked in annual tax expenditure reports. The bill applies directly to businesses engaged in selling qualifying gold or silver products.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax deduction for gold/silver businesses, reducing tax liability under taxation policy; directly addresses tax relief in gross receipts tax framework.95% confidence

Sub-Topics Business Taxes Government Spending

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in committee · New Mexico · House Mar 24, 2026

HB 62: RENAME & CREATE GEOTHERMAL TAX CREDITS

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tiered geothermal tax credits with $55M annual cap, reserving $11M for tribes/small businesses, advancing tax incentives for renewable energy production.92% confidence ✓ EnergySupports EnergyBill establishes tax credits for geothermal energy production, a renewable source, with tiered incentives to promote clean energy infrastructure development and allocate $11M for tribal/small businesses.95% confidence ✓ EnvironmentSupports EnvironmentBill creates tax credits for geothermal energy production, directly promoting clean energy adoption and reducing fossil fuel reliance per its tiered credit system.95% confidence

Sub-Topics Business Taxes Tax Credits

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in committee · New Mexico · House Mar 24, 2026

HB 82: EXTEND TECHNOLOGY READINESS GRT CREDIT

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax credit for tech development, providing tax relief to qualifying businesses and labs under NM's gross receipts tax system.95% confidence ✓ TechnologySupports TechnologyExtends tax credits to fund technology maturation at labs, directly advancing tech R&D through financial incentives for businesses and labs.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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in committee · New Mexico · Senate Mar 24, 2026

SB 118: BACK-TO-SCHOOL TAX HOLIDAY PRICE LIMITS

SB 118 increases the price limits for New Mexico's back-to-school tax holiday, allowing families to buy more items tax-free during the annual sales period. It raises the clothing price limit from $100 to $150 (excluding athletic wear and accessories) and the computer limit from $1,000 to $1,500 (including associated items up to $750). The bill affects shoppers purchasing qualifying school supplies, clothing, and computers between July 1 and the following Sunday. The changes take effect July 1, 2026, and apply to all eligible items sold during the designated tax holiday window.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax-free shopping limits for school items, providing direct tax relief to families during back-to-school season.95% confidence ✓ EducationSupports EducationIncreases tax-free limits for school supplies/clothing/computers, reducing costs for families and improving access to educational materials during back-to-school period.85% confidence

Sub-Topics Business Taxes Procurement Sales Tax

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in committee · New Mexico · Senate Mar 24, 2026

SB 182: DYED DIESEL GRT DEDUCTION

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax deduction for agricultural businesses, reducing their state gross receipts tax liability instead of tax credit.90% confidence

Sub-Topics Business Taxes Tax Credits

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in committee · New Mexico · Senate Mar 24, 2026

SB 97: TECH "QUALIFIED EXPENDITURE"

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax credit eligibility for tech businesses, providing tax relief through increased qualified expenditures for municipal-owned property.92% confidence ✓ TechnologySupports TechnologyExpands tax credit for tech businesses using municipal property, providing direct financial incentives to support R&D and operations under technology-focused tax policy.95% confidence

Sub-Topics Business Taxes Debt & Bonds Tax Incentives

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passed · New Mexico · Senate Mar 24, 2026

SB 172: TECHNOLOGY READINESS GRT CREDIT

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax credit for national labs, reducing state tax revenue to incentivize business development through targeted fiscal relief.90% confidence ✓ TechnologySupports TechnologyBill provides tax credits to fund national labs assisting businesses in technology maturation, directly advancing tech development through financial support.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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in committee · New Mexico · House Mar 24, 2026

HB 145: HIGH-WAGE JOB TAX CREDIT DATES

HB 145 extends the deadline for businesses to apply for New Mexico's High-Wage Jobs Tax Credit. The bill amends the existing tax code to require annual applications to be filed by December 31 of the year following the qualifying period, instead of the previous deadline. This credit allows eligible employers to claim 8.5% of wages for new high-wage jobs (capped at $12,750 per job), directly affecting businesses creating qualifying positions in New Mexico. The change simplifies the filing timeline but maintains all other eligibility rules, such as wage thresholds, occupancy requirements, and restrictions on jobs created through business mergers.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax credit deadline for businesses, providing tax relief for high-wage job creation, aligning with fiscal responsibility and economic growth indicators.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill extends tax credit deadline for high-wage jobs (8.5% wage credit), incentivizing businesses to create better-paying positions, directly supporting labor & employment goals of higher wages and job quality.90% confidence

Sub-Topics Business Taxes Tax Credits

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