Budget & Taxes (Business Taxes)

failed · New Mexico · House Mar 24, 2026

HB 103: CAP RESIDENTIAL PROPERTY TAX RATES

HB 103 caps annual increases in residential property tax assessments at 103% of the prior year's value or 106.1% of the value from two years prior, whichever is higher. This limit does not apply if a property's zoning changed or if ownership transferred in the year before the tax year. The bill also requires counties with low property sales ratios to reassess properties to meet a minimum threshold before the cap applies. It takes effect for tax years beginning January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps annual residential property tax increases, providing relief to homeowners by limiting assessment growth rates.95% confidence

Sub-Topics Business Taxes Property Tax

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in committee · New Mexico · Senate Mar 24, 2026

SB 150: LOCAL NEWS PRINTER TAX CREDIT

SB 150 creates a refundable tax credit for New Mexico local news printers (businesses that manufacture/produce newspapers for local news organizations) that employ qualified staff. It allows owners to claim up to $10,000 per full-time equivalent employee ($5,000 for part-time) based on wages paid, with a total annual cap of $1 million across all credits. To qualify, news printers must have operated for at least five years, employ five or more qualified employees (who work 25%+ of the year on newspaper production in New Mexico), and meet specific content and ownership requirements. The credit is claimed through a department certification process and expires before 2031.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a refundable tax credit for local news printers, a direct tax relief measure that reduces state tax revenue while supporting a specific industry. Explicitly addresses taxation policy.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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died · New Mexico · House Mar 24, 2026

HB 264: VARIOUS INCOME TAX DEDUCTIONS

HB 264 creates new tax deductions for New Mexico taxpayers earning tips (based on federal Section 224), overtime pay (federal Section 225), and Social Security income (federal Section 151). It replaces the Working Families Tax Credit with a state Earned Income Tax Credit (EITC) modeled after federal rules, adds a new Foster Parent and Guardian Income Tax Credit, and expands the medical expense deduction to apply to taxpayers of all income levels. The bill also extends tax deductions for healthcare practitioners to include patient coinsurance payments. These provisions directly affect low-to-moderate income earners, tip-based workers, retirees, and foster care providers by modifying how their income is taxed under New Mexico law.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax deductions for tips, overtime, Social Security, and expands medical deductions to all income levels, providing relief for lower/middle income taxpayers through EITC and foster parent credits.95% confidence ✓ HealthcareSupports HealthcareExpands medical expense deduction to all income levels, reducing out-of-pocket healthcare costs for taxpayers.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill replaces Working Families Tax Credit with state EITC, expanding tax benefits for low-income workers. Directly supports labor income stability through targeted tax credits.90% confidence

Sub-Topics Business Taxes Income Tax Tax Credits Labor Standards

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in committee · New Mexico · Senate Mar 24, 2026

SB 89: TAX HOLIDAY FOR HUNTING & FISHING SUPPLIES

SB 89 creates a sales tax exemption for qualifying hunting and fishing supplies purchased in New Mexico between September 8 and December 31 each year. It covers specific low-cost items like fishing tackle ($5 or less individually), camping gear ($30 or less), fishing rods ($75 or less individually), and firearms/ammo, with price limits defined in the bill. This directly benefits New Mexico residents buying these items during the holiday period, as retailers can deduct these sales from their tax obligations. The exemption takes effect July 1, 2026, and excludes franchise business sales.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates sales tax exemption for low-cost hunting/fishing items ($5-$75), providing direct tax relief to residents during specified period, aligning with tax relief indicators for lower-income groups.92% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives

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in committee · New Mexico · Senate Mar 24, 2026

SB 113: AGRICULTURAL BIOMASS TAX CREDIT AMOUNTS

SB 113 increases New Mexico's agricultural biomass tax credit from $5 to $10 per wet ton for dairy and feedlot owners who transport biomass to facilities generating electricity or biocrude fuel. It directly affects dairy and feedlot operators by allowing them to claim this credit against state income or corporate taxes for eligible biomass transportation. The bill sets a $5 million annual cap on total credits, allows unused credits to carry forward up to four years, and permits credit transfers between taxpayers. This change applies to taxable years ending before January 1, 2030, and aims to incentivize renewable energy production from agricultural waste.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases agricultural tax credit from $5 to $10/ton, providing direct tax relief to dairy/feedlot operators and incentivizing biomass use, aligning with tax support indicators.95% confidence ✓ EnergySupports EnergyIncreases tax credit for biomass transported to facilities generating electricity/biocrude fuel, directly incentivizing renewable energy infrastructure development.95% confidence ✓ EnvironmentSupports EnvironmentPromotes biomass energy for clean electricity/biocrude, aligning with environmental protection via tax incentives for renewable energy use.90% confidence

Sub-Topics Business Taxes Tax Credits Renewable Energy Tags Agriculture

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in committee · New Mexico · Senate Mar 24, 2026

SB 76: EXPAND GAS & SPECIAL FUELS TAXES

SB 76 increases New Mexico's gasoline tax from 17 cents to 23 cents per gallon and raises the special fuel excise tax from 21 cents to 26 cents per gallon. This bill directly affects all consumers and businesses purchasing gasoline or special fuels in New Mexico, as it raises the cost per gallon for these products. The key change is the specific tax rate increase for both fuel types, effective July 1, 2026. The bill makes no other policy changes beyond adjusting these excise tax rates.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly increases state fuel tax revenue (gas 17¢→23¢, special fuels 21¢→26¢), directly advancing budget funding through higher tax collection.95% confidence

Sub-Topics Business Taxes Procurement Sales Tax

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in committee · New Mexico · Senate Mar 24, 2026

SB 13: HEALTH CARE GROSS RECEIPTS DEDUCTION

SB 13 extends and expands a tax deduction for healthcare providers in New Mexico. It postpones the sunset date for this deduction from 2028 to 2031 and adds coinsurance, copayments, and deductibles paid directly by patients to the list of deductible expenses. The bill affects licensed healthcare practitioners (like doctors, dentists, and therapists) and their associations who provide services through managed care organizations. These providers can now reduce their taxable income by deducting patient-paid portions of their fees, rather than just certain insurance payments. The change applies only to "commercial contract services" under managed care plans, not Medicare or Medicaid services.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill expands tax deduction for healthcare providers, providing tax relief and strengthening tax policy for the sector.90% confidence ✓ HealthcareSupports HealthcareExtends tax deduction for healthcare providers, reducing taxable income and supporting provider financial stability in healthcare services.85% confidence

Sub-Topics Business Taxes Medicaid Medicare

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in committee · New Mexico · House Mar 24, 2026

HB 113: RENEWABLE ENERGY PRODUCTION TAX ACT

HB 113, the Renewable Energy Production Tax Act, imposes a 3.75% excise tax on electricity generated from renewable sources (solar, wind, hydropower, geothermal, or qualifying biomass) at commercial facilities in New Mexico. It applies to electricity sold in the wholesale market, with tax calculated based on the monthly average wholesale price, and requires payment by the 25th of the following month. Revenue from this tax will be directed to the Severance Tax Permanent Fund, and the law exempts government entities, tribal lands, and small-scale personal use (under 500 kWh daily). The tax begins on January 1, 2027, affecting commercial renewable energy producers but not residential or exempt entities.

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes 3.75% tax on renewable energy generation, directing revenue to Severance Tax Permanent Fund, strengthening state budget through new tax revenue allocation.95% confidence ✗ EnergyOpposes EnergyImposes 3.75% tax on renewable energy production, increasing costs for clean energy providers and contradicting support for renewables.90% confidence ✗ EnvironmentOpposes EnvironmentTax on renewable energy production discourages adoption, opposing environmental goals of promoting clean energy and reducing emissions.92% confidence

Sub-Topics Business Taxes Sales Tax Hydroelectric Renewable Energy Solar

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