HB 218 New Mexico House · 2025 Regular Session

TAX CHANGES

HB 218 updates New Mexico's tax code to remove outdated provisions and streamline processes. It allows taxpayers to file quarterly or semiannually (instead of annually) for certain taxes, simplifies refund claims by treating a completed return as a refund filing, and eliminates Attorney General approval for refunds over $20,000. The bill also aligns local government tax collection for redevelopment projects with "destination sourcing" (taxing where goods/services are consumed) and clarifies oil/gas tax rules. These changes directly affect taxpayers, businesses, and local governments managing redevelopment funds.

Bill status signed all 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

House Passage

Feb 2025

Senate Passage

Mar 2025

Signed into Law

Apr 2025

Introduced Jan 29, 2025 Signed Apr 10, 2025

Maddy AI version diff · 1 comparison

What changed between versions

introduced version → Final Version · 5 edits

MODERATE

This bill updates New Mexico's tax increment financing laws to align with modern destination sourcing rules, clarifies procedures for calculating property and gross receipts tax increments in redevelopment areas, and streamlines administrative processes for tax liens and filings. The changes modernize outdated provisions and improve clarity on how tax revenues are distributed to local governments.

Scope change

The bill expands clarity on tax increment procedures for metropolitan redevelopment areas and updates filing requirements for various tax types.

TIMELINE

Extended the time period the Secretary of Taxation and Revenue may set for tax reporting and payment intervals, allowing for quarterly or semiannual filing options.

FISCAL

Increased the amount and extended the time period the Secretary may set for tax reporting and payment intervals, allowing for quarterly or semiannual filing.

DEFINITION

Added provisions clarifying how gross receipts tax revenue is calculated for base year purposes in metropolitan redevelopment areas.

REQUIREMENT

Modified procedures for recording tax liens to allow recording without a notary signature.

TECHNICAL

Updated various technical provisions regarding tax increment calculations, property valuations, and revenue distribution procedures.

Floor votes · Senate Mar 17, 2025 · House Feb 15, 2025

How they voted

30–4

Passed · 6 other

Total votes 40

Mar 17, 2025

D Democratic24

21 Yea 3

87% Yea

R Republican16

9 Yea 4 Nay 3

56% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 10, 2025

Signed into law

Signed

executive

Mar 19, 2025

Executive · Passed

House concurred in Senate amendments

executive

Mar 17, 2025

Upper · Passed

passed Senate

upper

Mar 14, 2025

Upper · Passed

DO PASS, as amended, committee report adopted

upper

Mar 12, 2025

Upper · Passed

DO PASS, as amended, committee report adopted

upper

Feb 17, 2025

Introduced

Sent to Senate Tax, Business and Transportation Committee & Senate Finance Committee

upper

Feb 15, 2025

Lower · Passed

passed House

lower

Feb 7, 2025

Lower · Passed

DO PASS committee report adopted

lower

Jan 29, 2025

Introduced

Sent to House Taxation & Revenue Committee

lower

1 primary · 0 co-sponsors