Budget & Taxes

in committee · New Mexico · House Mar 24, 2026

HB 40: TEMPORARY ERB MEMBER PAYMENT

HB 40 provides a temporary 2% additional payment to retired members receiving annuities under New Mexico's Educational Retirement Act for fiscal years 2027 and 2028. This payment, calculated as 2% of each retiree's current annual benefit amount (including prior cost-of-living adjustments), is non-compounding and separate from standard annual adjustments. It applies to all retired educators under the Act, excluding those on disability status or under specific retirement provisions. The bill does not alter existing cost-of-living adjustment rules but adds this short-term benefit for two years.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill allocates temporary 2% increase in retirement payments for educators, increasing state budget expenditure on senior citizen benefits under educational retirement program.90% confidence

Track

in committee · New Mexico · Senate Mar 24, 2026

SB 124: HIGHER ED. MAJOR PROJECTS FUND

SB 124 creates a new state fund to support major capital projects at New Mexico's public colleges and universities. The fund finances research/instruction facilities costing $50 million or more at four-year universities, and student housing/life projects (like recreation centers and dining halls) at all public institutions. Projects must meet matching requirements (10-50% from non-state sources like bonds or fees), with waivers possible if institutions can't afford the match. The bill also requires graduation rate data for Division I athletic facility projects and mandates documentation on student population needs for new facilities.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates new state fund to finance public higher ed capital projects, allocating state budget resources for education infrastructure without tax increases.92% confidence ✓ EducationSupports EducationCreates new state fund specifically for higher education infrastructure projects (research facilities, student housing) at public institutions, directly funding capital improvements per bill's purpose.95% confidence

Sub-Topics Higher Education

Track

in committee · New Mexico · Senate Mar 24, 2026

SB 52: PERA COST-OF-LIVING ADJUSTMENTS

SB 52 (PERA Cost-of-Living Adjustments) changes how cost-of-living adjustments (COLAs) are calculated for New Mexico public retirement pension recipients. It requires that starting July 1, 2027, pension increases equal the Social Security and Supplemental Security Income (SSI) COLA rate determined by the federal government each year, instead of the previous method. This directly affects retirees who meet specific duration requirements (e.g., retired for 2 years, or age 65+ for 1 year), as well as survivor beneficiaries. The bill appropriates $50 million from the general fund for fiscal year 2027 to fund these adjustments, with unspent funds carrying forward to future years.

Topics ✓ Budget & TaxesSupports Budget & TaxesChanges pension COLA calculation to federal rate, reducing state spending on retiree benefits and promoting fiscal responsibility.85% confidence

Sub-Topics Pensions State Budget

Track

signed · New Mexico · House Mar 10, 2026

HB 80: OIL & GAS CONSERVATION TAX ACT CHANGES

HB 80 increases funding for New Mexico's Oil and Gas Reclamation Fund by raising the tax distribution percentage from 2/19% to 50% starting July 2027, gradually increasing to 100% through 2037 before returning to 50% after 2037. The bill directly affects oil and gas operators (through higher tax contributions) and the state's energy department (which administers the fund). Key provisions include expanding fund use to cover energy education programs ($150,000 annually) and requiring the department to plug abandoned wells, restore sites, and pursue cost recovery from operators. Funds will be managed under the Energy, Minerals and Natural Resources Department with annual reporting requirements.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases oil/gas tax rates to fund reclamation and energy education programs, directly boosting state budget allocation for environmental and educational initiatives.95% confidence ✓ EnvironmentSupports EnvironmentIncreases oil/gas operator taxes to fund reclamation, directly addressing environmental cleanup of damaged sites through expanded reclamation fund provisions.95% confidence

Sub-Topics Conservation

in committee · New Mexico · House Mar 24, 2026

HB 62: RENAME & CREATE GEOTHERMAL TAX CREDITS

HB 62 renames New Mexico's geothermal electricity generation tax credits to "geothermal energy production" credits and establishes a tiered credit system based on kilowatt-hour output. It provides tax credits ranging from $0.015 to $0.035 per kWh (increasing over the first five years then decreasing), capped at 200,000 megawatt-hours per facility annually. The bill limits total annual credits to $55 million, reserving $11 million for tribal and small businesses, and allows credit transfers between taxpayers. This directly affects geothermal energy producers in New Mexico who own facilities generating electricity from geothermal resources.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tiered geothermal tax credits with $55M annual cap, reserving $11M for tribes/small businesses, advancing tax incentives for renewable energy production.92% confidence ✓ EnergySupports EnergyBill establishes tax credits for geothermal energy production, a renewable source, with tiered incentives to promote clean energy infrastructure development and allocate $11M for tribal/small businesses.95% confidence ✓ EnvironmentSupports EnvironmentBill creates tax credits for geothermal energy production, directly promoting clean energy adoption and reducing fossil fuel reliance per its tiered credit system.95% confidence

Sub-Topics Business Taxes Tax Credits

Track

in committee · New Mexico · House Mar 24, 2026

HB 187: RURAL HOSPITAL MALPRACTICE LIABILITY INS. ACT

HB 187 creates a state-funded grant program to help rural hospitals cover medical malpractice insurance premiums. Eligible hospitals - defined as those licensed in rural or frontier areas operating within health care underserved regions - can apply for grants to pay for approved malpractice insurance. The bill appropriates $66 million for fiscal year 2026 and subsequent years, with unspent funds not reverting to the general fund. The Department of Health will administer the program, requiring hospitals to use grant money solely for premiums and submit annual reports on financial stability, staffing, and patient access.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $66M for rural hospital malpractice insurance grants, increasing public service funding under state budget authority.90% confidence ✓ HealthcareSupports HealthcareFunds malpractice insurance for rural hospitals, ensuring continued access to care in underserved areas through direct state financial support.95% confidence

Sub-Topics State Budget Hospitals Insurance

Track

in committee · New Mexico · House Mar 24, 2026

HB 178: SUN SHADES FOR RURAL PARKS & RECREATION

HB 178 would allocate $3 million from the state general fund to the New Mexico Department of Health to construct shade structures in rural public parks and recreation areas. The bill directs the Department to prioritize sites with inadequate existing shade, high ultraviolet radiation exposure risk, and cost-effective project plans. Unspent funds at year-end would carry forward to future years instead of reverting to the general fund. This policy directly affects rural communities by reducing sun exposure risks in public outdoor spaces used by residents.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates $3M from state general fund for public park shade structures, increasing funding for rural public services and fiscal management via carry-forward provision.95% confidence ✓ HealthcareSupports HealthcareFunds shade structures to reduce UV exposure risk, a public health initiative by the Department of Health addressing a direct health risk in rural communities.90% confidence

Sub-Topics State Budget Tags Rural Communities

Track

signed · New Mexico · House Mar 11, 2026

HB 2: GENERAL APPROPRIATION ACT OF 2026

HB 2, the General Appropriation Act of 2026, allocates funding for New Mexico's state government operations during fiscal year 2027. It directs $55 million from the general fund to legislative agencies and $496 million from the general fund to the judiciary, with additional amounts from other funding sources. The bill requires unspent funds at year-end to automatically return to the general fund by October 1, 2026 and 2027, and establishes accounting rules for tracking revenue and expenditures. This bill affects all state agencies by setting their budget allocations and spending rules for the 2027 fiscal year.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllocates state funds for operations, mandates unspent funds return to general fund, promoting fiscal responsibility per budget management indicators.90% confidence

Sub-Topics Appropriations State Budget

in committee · New Mexico · House Mar 24, 2026

HB 82: EXTEND TECHNOLOGY READINESS GRT CREDIT

HB 82 extends New Mexico's Technology Readiness Gross Receipts Tax Credit through 2035, allowing national laboratories operating in the state to claim tax credits for helping local businesses mature technologies developed at those labs. The credit covers qualified costs like lab staff wages, travel, and supplies, up to $150,000 per business annually and $5 million total per laboratory per year. To qualify, businesses must be registered in New Mexico, have licensed technology from a lab or be in a research partnership, and receive assistance not otherwise available at reasonable cost. This directly affects New Mexico's national laboratories (e.g., Los Alamos, Sandia) and qualifying businesses collaborating with them on technology development.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax credit for tech development, providing tax relief to qualifying businesses and labs under NM's gross receipts tax system.95% confidence ✓ TechnologySupports TechnologyExtends tax credits to fund technology maturation at labs, directly advancing tech R&D through financial incentives for businesses and labs.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

Track

in committee · New Mexico · Senate Mar 24, 2026

SB 118: BACK-TO-SCHOOL TAX HOLIDAY PRICE LIMITS

SB 118 increases the price limits for New Mexico's back-to-school tax holiday, allowing families to buy more items tax-free during the annual sales period. It raises the clothing price limit from $100 to $150 (excluding athletic wear and accessories) and the computer limit from $1,000 to $1,500 (including associated items up to $750). The bill affects shoppers purchasing qualifying school supplies, clothing, and computers between July 1 and the following Sunday. The changes take effect July 1, 2026, and apply to all eligible items sold during the designated tax holiday window.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax-free shopping limits for school items, providing direct tax relief to families during back-to-school season.95% confidence ✓ EducationSupports EducationIncreases tax-free limits for school supplies/clothing/computers, reducing costs for families and improving access to educational materials during back-to-school period.85% confidence

Sub-Topics Business Taxes Procurement Sales Tax

Track