HB 24 creates a program offering home purchase loans to licensed healthcare professionals in New Mexico, including nurses, doctors, dentists, therapists, and social workers. The New Mexico Mortgage Finance Authority will provide loans covering up to 10% of a home’s purchase price to qualified professionals who agree to practice in the state for 10 years at 75% or more of full-time employment. A lien on the home remains for 10 years, and early departure requires repayment of 100% (first 5 years), 50% (5-7 years), or 25% (7-10 years) of the loan amount. The program is funded by a $5 million appropriation from the general fund for fiscal years 2026-2027.
HB 205 creates a Career Technical Externship Program within New Mexico's Workforce Solutions Department to provide professional development for public school career-technical teachers and public community college faculty. The program pairs educators with industry professionals in high-demand fields to enhance their technical skills and understanding of current workforce standards. It allocates $250,000 from the general fund for fiscal year 2027 to implement the program, with unspent funds reverting to the general fund. The bill requires collaboration between Workforce Solutions, the Public Education Department, and community colleges to design the program and application process. The bill is currently pending review by the House Education and Appropriations & Finance Committees.
SB 116 removes the $30,000 annual limit on the income tax exemption for uniformed services retirement pay in New Mexico. It directly affects New Mexico residents who are uniformed services retirees (including military, Coast Guard, Public Health Service, NOAA Corps, or National Guard members) or their surviving spouses. The bill changes the law so that all retirement pay from these services qualifies for the tax exemption, rather than only the first $30,000. This exemption applies to taxable years beginning January 1, 2027.
This bill appropriates $15 million from the state general fund to the Interstate Stream Commission for riverfront forest (bosque) management projects in the middle Rio Grande valley. The funds will cover planning, implementing, and maintaining these projects during fiscal years 2027 and 2028. Any unspent balance by the end of 2028 must revert to the general fund. The bill directly affects the commission and communities relying on the Rio Grande valley's ecological and recreational resources.
HB 232 creates a one-time $1,000 tax credit for New Mexico taxpayers who purchase certified secure gun storage (such as safes, lock boxes, or gun cases) starting in 2026. To qualify, buyers must obtain certification from the Public Safety Department confirming the storage meets safety standards, and the total annual credits are capped at $500,000. Taxpayers can claim the credit within one year of purchase to reduce their state income tax bill, with unused portions refunded. The credit applies only to individual taxpayers purchasing new storage devices for personal firearm storage, not to businesses or dependents.
HB 76 appropriates $10 million from the general fund to the New Mexico Health Care Authority for fiscal years 2027-2029 to fund alternative placements for youth in state custody. The bill directs funding toward developing services like residential treatment centers, crisis response teams, specialized foster care, and outpatient programs, aiming to replace group living (congregate care) with more tailored support. It directly affects youth in state custody - particularly older youth and those with higher needs - and the service providers who will deliver these alternatives. The funding expires in 2029, with unused balances reverting to the general fund.
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.
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.
SB 9 authorizes a $1 billion transfer from New Mexico's general fund to the Medicaid Trust Fund for fiscal year 2027. This funding directly supports the state's Medicaid program, which provides healthcare coverage to low-income residents, including children, seniors, and people with disabilities. The bill establishes a specific financial mechanism to replenish the Medicaid Trust Fund, ensuring stable funding for healthcare services without altering eligibility rules or program structure. It does not create new benefits or change how Medicaid operates, only providing a dedicated funding source. The transfer is scheduled for implementation in the 2027 fiscal year.
SB 35 creates an additional judgeship in New Mexico's First Judicial District, increasing the number of district judges from ten to eleven. The bill appropriates $451,400 from the state general fund for fiscal year 2027 to cover the new position's costs, including the judge's salary, benefits, and office equipment. Unspent funds at year-end will revert to the general fund. This change directly affects the First Judicial District court system by expanding its judicial capacity to handle caseloads.
