This 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The bill includes a delayed repeal provision, stating that the act will be repealed effective January 1, 2035, and it applies to taxable years beginning on or after January 1, 2025. The new legal language introduced in the bill outlines the definitions of eligible volunteers, the application process, and the requirements for claiming the credits, ensuring that the provisions are clearly defined and structured for implementation.