Six Tax Measures Consolidated into Single Legislation to Support Healthcare, Economic Development, and Local Communities
(Santa Fe, NM) — Today, the Senate Tax, Business and Transportation Committee passed a comprehensive tax package that consolidates six separate bills aimed at supporting New Mexico’s healthcare system, fostering economic growth, and strengthening local industries.
The omnibus legislation combines Senate Bills 12, 36, 92, 120, 133, and 151 into a single piece of legislation designed to address multiple economic priorities through targeted tax incentives and reforms.
The package includes:
• SB 12 – Physician Tax Credit: Establishes tax credits to attract and retain physicians in New Mexico, addressing the state’s healthcare workforce shortage.
• SB 36 – Quantum Facility Infrastructure Tax Credit: Creates incentives for the development of quantum computing infrastructure, positioning New Mexico at the forefront of emerging technology sectors.
• SB 92 – Construction Materials Gross Receipts: Modifies gross receipts tax treatment for construction materials to support the building industry and reduce costs for development projects.
• SB 120 – Local Journalist Employment Tax Credit: Provides tax credits for employers who hire local journalists, supporting independent journalism and local news coverage across the state.
• SB 133 – Health Equipment GRT Deduction: Establishes a gross receipts tax deduction for health equipment purchases, making essential medical technology more affordable for healthcare providers.
• SB 151 – Corporate Income Tax Changes: Implements reforms to the corporate income tax structure to enhance New Mexico’s business competitiveness while ensuring fair revenue collection.
“This comprehensive package represents a strategic approach to addressing some of New Mexico’s most pressing economic challenges,” said Senator Carrie Hamblen, Chair of the Senate Tax, Business and Transportation Committee. “By consolidating these measures into a single bill, we’re creating a coordinated tax policy that supports our healthcare providers, invests in cutting-edge technology, strengthens local journalism, and creates jobs across multiple sectors to support housing. This is about building a stronger, more resilient economy for all New Mexicans.”
The consolidated legislation, Senate Bill 151, passed on a vote of 6-4 and will next be heard in Senate Finance before advancing to the full Senate for consideration.
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