The bill establishes two new income tax credits in New Mexico: the Volunteer Emergency Medical Services Income Tax Credit and the Volunteer Firefighter Income Tax Credit. Both credits are available to taxpayers who are not dependents and who volunteer at least fifty-two times in a taxable year with certified emergency medical service agencies or fire departments, respectively. Each credit is valued at $1,000 and requires taxpayers to apply for certification of eligibility from the relevant bureau or state fire marshal's office. The total amount of tax credits that can be certified for any taxable year is capped at $4 million. Additionally, taxpayers cannot claim both credits in the same taxable year.

The act includes a delayed repeal provision, stating that it will be repealed effective January 1, 2035, and it applies to taxable years beginning on or after January 1, 2025. The bill also mandates that any portion of the tax credit exceeding a taxpayer's tax liability will be refunded. The definitions of "eligible emergency medical services volunteer" and "eligible volunteer firefighter" are provided to clarify the criteria for claiming the credits.