The bill seeks to modernize and streamline various taxation provisions in New Mexico, particularly focusing on the Metropolitan Redevelopment Code and the Tax Increment for Development Act. Key amendments include increasing tax reporting thresholds and payment intervals, allowing taxpayers to file quarterly or semiannually based on owed amounts, and enabling the Secretary of Taxation and Revenue to compromise on asserted liabilities. The bill also removes the requirement for Attorney General approval for closing agreements and refunds exceeding $20,000, and allows tax liens to be recorded without a notary signature. Additionally, it updates procedures for determining property and gross receipts tax increments, ensuring local governments can effectively manage redevelopment projects, and emphasizes electronic filing to enhance efficiency in tax administration.

Further provisions in the bill enhance financing mechanisms for tax increment development projects, clarify formation and reporting requirements for tax increment development districts, and specify the review process for bond issuances against state gross receipts tax increments. The bill also introduces new tax credits, including those for special needs adopted children, angel investments, and renewable energy technologies, while amending existing tax credit provisions related to sustainable building practices and agricultural biomass. It aims to promote economic development, support local infrastructure, and ensure accountability in tax distribution, with a phased implementation of most provisions set to begin on July 1, 2025.

Statutes affected:
introduced version: 3-60A-21, 5-15-9, 5-15-21, 5-15-25.1, 5-15-25.2, 5-15-25.3, 5-15-27, 7-1-4.4, 7-1-6.2, 7-1-6.4, 7-1-6.5, 7-1-6.9, 7-1-6.15, 7-1-6.16, 7-1-6.18, 7-1-6.26, 7-1-6.27, 7-1-6.30, 7-1-6.46, 7-1-6.47, 7-1-6.58, 7-1-6.68, 7-1-13.1, 7-1-15, 7-1-20, 7-1-26, 7-1-28, 7-1-29, 7-1-37, 7-1-38, 7-1-39, 7-1-79, 7-2-12, 7-2-12.1, 7-2-18.16, 7-2-18.17, 7-2-18.22, 7-2-18.24, 7-2-18.26, 7-2-18.29, 7-2-18.31, 7-2-18.32, 7-2-18.35, 7-2-18.38, 7-2-24, 7-2-28.1, 7-2-31.1, 7-2-39, 7-2-40, 7-2-41, 7-2A-9, 7-2A-24, 7-2A-24.1, 7-2A-26, 7-2A-28, 7-2A-28.1, 7-2A-31, 7-2C-12, 7-2E-1.1, 7-3-7, 7-3-13, 7-3A-9, 7-9-9, 7-9-18.1, 7-9-43, 7-9-46, 7-9-56.3, 7-9-62, 7-9-62.1, 7-9-73.2, 7-9-73.3, 7-9-77.2, 7-9-83, 7-9-84, 7-9-90, 7-9-91, 7-9-93, 7-9-94, 7-9-95, 7-9-103.1, 7-9-103.2, 7-9-110.3, 7-9-112.1, 7-9-115, 7-9-116, 7-9-119, 7-9A-5, 7-9C-7, 7-9G-1, 7-13-3.5, 7-13A-3, 7-13A-5, 7-16A-9.4, 7-16A-15, 7-16B-4, 7-19-11, 7-19-12, 7-19-13, 7-19-14, 7-19-16, 7-19D-3, 7-19D-5, 7-19D-17, 7-20E-3, 7-20E-13, 7-20E-18, 7-20E-26, 7-26-2, 7-29-2, 7-29-4, 7-29-5, 7-29-6, 7-29-7, 7-29-8, 7-29-23, 7-30-2, 7-30-4, 7-30-9, 7-30-27, 7-31-2, 7-31-4, 7-31-6, 7-31-8, 7-31-9, 7-31-10, 7-31-11, 7-31-26, 7-32-2, 7-32-4, 7-32-6, 7-32-8, 7-32-9, 7-32-10, 7-32-11, 7-32-13, 7-32-28, 7-33-4, 7-34-2, 7-34-3, 7-34-4, 7-34-5, 7-34-6, 7-34-7, 7-40-5, 14-8-4, 24A-8-2, 24A-8-3, 24A-8-6, 52-5-19, 67-3-8.1, 7-2-7, 7-1-6.66
Final Version: 3-60A-21, 5-15-9, 5-15-21, 5-15-25.1, 5-15-25.2, 5-15-25.3, 5-15-27, 7-1-4.4, 7-1-6.2, 7-1-6.4, 7-1-6.5, 7-1-6.9, 7-1-6.15, 7-1-6.16, 7-1-6.18, 7-1-6.26, 67-3-28, 7-1-6.30, 7-1-6.46, 7-1-6.47, 7-1-14, 7-1-6.68, 7-1-13.1, 7-1-15, 7-1-20, 7-1-26, 7-1-28, 7-1-29, 7-1-37, 7-1-38, 7-1-39, 7-1-79, 7-2-12, 7-2-12.1, 7-2-18.16, 7-2-18.17, 7-2-18.22, 7-2-18.24, 7-2-18.26, 7-2-18.29, 7-2-18.31, 7-2-18.32, 7-2-18.35, 7-2-18.38, 7-2-24, 7-2-28.1, 7-2-31.1, 7-2-39, 7-2-40, 7-2-41, 7-2A-9, 7-2A-24, 7-2A-24.1, 7-2A-26, 7-2A-28, 7-2A-28.1, 7-2A-31, 7-2C-12, 7-2E-1.1, 7-3-7, 7-3-13, 7-3A-9, 7-9-9, 7-9-18.1, 7-9-43, 7-9-46, 7-9-56.3, 7-9-62, 7-9-62.1, 7-9-73.2, 7-9-73.3, 7-9-77.2, 7-9-83, 7-9-84, 7-9-90, 7-9-91, 7-9-93, 7-9-94, 7-9-95, 7-9-103.1, 7-9-103.2, 7-9-110.3, 7-9-112.1, 7-9-115, 7-9-116, 7-9-119, 7-9A-5, 7-9C-7, 7-9G-1, 7-13-3.5, 7-13A-3, 7-13A-5, 7-16A-9.4, 7-16A-15, 7-16B-4, 7-19-11, 7-19-12, 7-19-13, 7-19-14, 7-19D-3, 7-19D-5, 7-20E-3, 7-20E-13, 7-20E-18, 7-20E-26, 7-26-2, 7-29-2, 7-29-4, 7-29-5, 7-29-6, 7-29-7, 7-29-8, 7-29-23, 7-30-9, 7-30-27, 7-31-2, 7-31-4, 7-31-6, 7-31-8, 7-31-9, 7-31-10, 7-31-11, 7-31-26, 7-32-2, 7-32-4, 7-32-6, 7-32-8, 7-32-9, 7-32-10, 7-32-11, 7-32-13, 7-32-28, 7-33-4, 7-34-2, 7-34-3, 7-34-4, 7-37-7, 7-34-6, 7-34-7, 7-40-5, 14-8-4, 24A-8-2, 24A-8-3, 24A-8-6, 52-5-19, 67-3-8.1, 7-2-7, 7-1-6.66