GUN STORAGE INCOME TAX CREDIT

HB 202 creates a one-time $750 income tax credit for New Mexico taxpayers who purchase certified secure gun storage (like safes or lock boxes) after July 1, 2025. The credit, limited to $1 million total annually, requires proof of purchase and safety certification from the Department of Public Safety, with applications due within 12 months of purchase. Taxpayers may claim the credit against their tax liability, and any excess credit is refundable. The bill is currently stalled, having been postponed indefinitely on June 3, 2025, after passing committee review.