RETAIL CENTER RENOVATION TAX CREDIT

HB 511 creates a tax credit for businesses renovating qualifying retail centers in New Mexico, offering a 10% credit on renovation costs (up to $1.5 million per project). It applies to projects renovating at least 50% of a retail center's square footage, including construction, energy efficiency upgrades, and accessibility improvements, provided the center has three or more retail businesses and meets zoning requirements. The credit is capped at $15 million total per year across all claims, with businesses required to apply for certification within one year of project completion. This policy directly supports retail property owners and developers seeking to revitalize commercial spaces through tax incentives.