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HB 248 New Mexico House · 2026 Regular Session

GENERAL OBLIGATION BONDS

HB 248 authorizes New Mexico to issue $500 million in general obligation bonds to fund capital projects including senior centers statewide, higher education facilities, and public libraries. The bonds would be paid through a new property tax levy on all taxable property in the state, with principal and interest due over a maximum 10-year term. Voter approval via a statewide referendum at the 2026 general election is required before the bonds can be issued. This bill creates a new state debt obligation backed by the full faith and credit of New Mexico, directly affecting taxpayers through the property tax mechanism.
Issues: ✓ Budget & TaxesSupports Budget & TaxesAuthorizes new property tax to fund public infrastructure (libraries, education) via $500M bonds, increasing state debt and taxation to advance public services.95% confidence ✓ EducationSupports EducationFunds higher education facilities as a specific capital project category, directly advancing educational infrastructure within the topic scope.90% confidence
Bill status signed all 5 stages cleared
Introduction
Jan 2026
Committee Review
Feb 2026
House Passage
Feb 2026
Senate Passage
Feb 2026
Signed into Law
Mar 2026
Introduced Jan 30, 2026 Signed Mar 10, 2026
Maddy AI version diff · 2 comparisons

What changed between versions

TR substitute → Final Version · 3 edits
MINOR
The bill was reformatted from a committee substitute version to a final version with standardized formatting and page numbering. The substantive policy content, including bond terms, expenditure purposes, and tax levy provisions, remains unchanged. The formatting changes include renumbering sections, removing committee markings, and adjusting line breaks for final publication.
TECHNICAL

Section numbering changed from 1-22 to 1-7 with consolidated content, removing committee substitute formatting and page markers.

Page headers and footers removed, replacing committee tracking marks with standard final version formatting.

Line breaks and spacing adjusted throughout to conform to final legislative document standards.

Floor votes · Senate Feb 18, 2026 · House Feb 15, 2026

How they voted

34–0
Passed · 4 other
Total votes 38
Feb 18, 2026
D Democratic22
19 Yea 3
86% Yea
R Republican16
15 Yea 1
93% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
7
Key actions
5
Committee
2
Mar 10, 2026
Signed into law
Signed
executive
Feb 18, 2026
Upper · Passed
passed Senate
upper
Feb 17, 2026
Upper · Passed
DO PASS committee report adopted
upper
Feb 15, 2026
Lower · Passed
passed House
lower
Feb 15, 2026
Introduced
Sent to Senate Finance Committee
upper
Feb 14, 2026
Lower · Passed
DO NOT PASS, replaced with committee substitute
lower
Jan 30, 2026
Introduced
Sent to House Taxation & Revenue Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Derrick Lente
Derrick Lente
DDemocratic
NM
65