Budget & Taxes (Business Taxes)

SB 212 exempts sales of qualified ski area equipment (such as snowgroomers, bulldozers, and snowmaking systems) and construction or improvements to buildings on ski areas from the state gross receipts tax. This exemption applies specifically to sales made to ski area operators (businesses running ski resorts) for use exclusively in their operations. The tax exemption, effective July 1, 2026, does not apply to local option taxes and requires taxpayers to report exemptions to the state tax department. The bill also updates tax deduction rules to include ski area projects as eligible for construction material and service deductions.

SB 60 reduces tax rates for businesses on income, gross receipts, and gaming devices while increasing the bingo and raffle tax. It repeals nine tax laws - including the estate tax, gasoline tax, and railroad tax - and removes authorization for tax increment funding for redevelopment projects. The bill adds a gross receipts tax exemption for donations to nonprofits and imposes new registration fees for electric vehicles. These changes primarily affect businesses, nonprofits, and local governments managing tax revenues.

HB 193 creates a scholarship program allowing school tuition organizations to award financial aid to low-income students attending private schools in New Mexico, while establishing tax credits for donors. It directly affects low-income families (defined by federal lunch program income standards) who choose private schools, provided students previously attended a public or home school in New Mexico. Key mechanisms include requiring organizations to allocate 90% of funds to scholarships, prohibiting single-school restrictions, mandating annual financial reports, and requiring audits for organizations receiving $500,000+ in donations. The bill also creates individual and corporate income tax credits for contributions to these scholarship organizations, with strict transparency rules for public reporting.